Ethereum Price Pulls Back: ETH Gains Under Pressure
July 18 2024 - 11:38PM
NEWSBTC
Ethereum price started a downside correction from the $3,500
resistance zone. ETH declined below $3,440 and might struggle to
stay above $3,380. Ethereum is correcting gains from the $3,500
zone. The price is trading above $3,400 and the 100-hourly Simple
Moving Average. There was a break below a connecting bullish trend
line with support at $3,420 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could continue to decline further if
there is a close below the $3,350 support. Ethereum Price Retreats
From $3,500 Ethereum price started a downside correction from the
$3,500 resistance zone. ETH declined below the $3,450 and $3,440
support levels to enter a short-term bearish zone, like Bitcoin.
There was a break below a connecting bullish trend line with
support at $3,420 on the hourly chart of ETH/USD. The pair even
spiked below $3,400 and the 23.6% Fib retracement level of the
upward move from the $3,048 swing low to the $3,516 high. Ethereum
is now trading above $3,380 and the 100-hourly Simple Moving
Average. If the price stays above the 100-hourly Simple Moving
Average, it could attempt a fresh increase. On the upside, the
price is facing resistance near the $3,440 level. The first major
resistance is near the $3,450 level. The next major hurdle is near
the $3,500 level. A close above the $3,500 level might send Ether
toward the $3,550 resistance. The next key resistance is near
$3,620. An upside break above the $3,620 resistance might send the
price higher toward the $3,750 resistance zone in the coming days.
More Downsides In ETH? If Ethereum fails to clear the $3,440
resistance, it could continue to move down. Initial support on the
downside is near $3,400 and the 100-hourly Simple Moving Average.
The first major support sits near the $3,350 zone. A clear move
below the $3,350 support might push the price toward $3,280 and the
50% Fib retracement level of the upward move from the $3,048 swing
low to the $3,516 high. Any more losses might send the price toward
the $3,200 support level in the near term. The next key support
sits at $3,150. Technical Indicators Hourly MACD – The MACD for
ETH/USD is losing momentum in the bullish zone. Hourly RSI – The
RSI for ETH/USD is now below the 50 zone. Major Support Level –
$3,350 Major Resistance Level – $3,440
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