Ethereum Price Battles Resistance: Can ETH Regain Momentum?
July 30 2024 - 11:08PM
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Ethereum price corrected gains and traded below the $3,300 level.
ETH is consolidating and facing hurdles near the $3,300 resistance
zone. Ethereum started a downside correction from the $3,400
resistance. The price is trading below $3,330 and the 100-hourly
Simple Moving Average. There was a break below a key bullish trend
line with support at $3,295 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could start another increase if it
clears the $3,330 resistance zone. Ethereum Price Extends Losses
Below $3,300 Ethereum price failed to clear the $3,400 resistance
zone and started a downside correction, like Bitcoin. ETH traded
below the $3,330 and $3,300 support levels to enter a short-term
bearish zone. There was a break below a key bullish trend line with
support at $3,295 on the hourly chart of ETH/USD. The pair even
spiked below the $3,250 support zone. A low is formed at $3,231 and
the price is now consolidating losses. It recovered some losses and
traded above $3,280. The price tested the 50% Fib retracement level
of the downward move from the $3,362 swing high to the $3,231 low.
Ethereum price is now trading below $3,300 and the 100-hourly
Simple Moving Average. If there is a fresh increase, the price
could face resistance near the $3,300 level and the 100-hourly
Simple Moving Average. The first major resistance is near the
$3,330 level and the 76.4% Fib retracement level of the downward
move from the $3,362 swing high to the $3,231 low. The next major
hurdle is near the $3,350 level. A close above the $3,350 level
might send Ether toward the $3,400 resistance. The next key
resistance is near $3,500. An upside break above the $3,500
resistance might send the price higher toward the $3,650 resistance
zone in the near term. Another Decline In ETH? If Ethereum fails to
clear the $3,330 resistance, it could continue to move down.
Initial support on the downside is near $3,250. The first major
support sits near the $3,230 zone. A clear move below the $3,230
support might push the price toward $3,180. Any more losses might
send the price toward the $3,080 support level in the near term.
The next key support sits at $3,020. Technical Indicators Hourly
MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major
Support Level – $3,230 Major Resistance Level – $3,330
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