Ethereum Price Bounces Back Yet Lacks Strong Bullish Drive
June 30 2024 - 11:48PM
NEWSBTC
Ethereum price is attempting a fresh increase above the $3,450
resistance zone. ETH must settle above $3,550 to continue higher in
the near term. Ethereum slowly moved higher above the $3,450 zone.
The price is trading above $3,450 and the 100-hourly Simple Moving
Average. There was a break above a key bearish trend line with
resistance near $3,415 on the hourly chart of ETH/USD (data feed
via Kraken). The pair must clear the $3,520 and $3,550 resistance
levels to continue higher. Ethereum Price Faces Resistance Ethereum
price started a decent recovery wave above the $3,400 level. ETH
even cleared the $3,420 level to move into a short-term positive
zone like Bitcoin. There was a break above a key bearish trend line
with resistance near $3,415 on the hourly chart of ETH/USD. The
pair even cleared the $3,500 resistance zone. A high was formed at
$3,516 and the price is now consolidating gains. There was a move
below the $3,500 level, but the price remained above the 23.6% Fib
retracement level of the upward move from the $3,350 swing low to
the $3,516 high. Ethereum is trading above $3,450 and the
100-hourly Simple Moving Average. The current price action is
positive and calling for more upsides. On the upside, the price is
facing resistance near the $3,500 level. The first major resistance
is near the $3,520 level. The next major hurdle is near the $3,550
level. A close above the $3,550 level might send Ether toward the
$3,650 resistance. The next key resistance is near $3,720. An
upside break above the $3,720 resistance might send the price
higher. Any more gains could send Ether toward the $3,880
resistance zone. Are Dips Limited In ETH? If Ethereum fails to
clear the $3,550 resistance, it could start a downside correction.
Initial support on the downside is near $3,480. The first major
support sits near the $3,440 zone and the 50% Fib retracement level
of the upward move from the $3,350 swing low to the $3,516 high. A
clear move below the $3,420 support might push the price toward
$3,350. Any more losses might send the price toward the $3,320
level in the near term. Technical Indicators Hourly MACD – The MACD
for ETH/USD is gaining momentum in the bullish zone. Hourly RSI –
The RSI for ETH/USD is now above the 50 zone. Major Support Level –
$3,420 Major Resistance Level – $3,550
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