Ethereum Price Stays Strong: Will ETH Continue To Rise?
18 Juli 2024 - 5:28AM
NEWSBTC
Ethereum price failed to clear the $3,500 resistance zone. ETH is
consolidating above the $3,380 support and might attempt another
increase. Ethereum is correcting gains and struggling near the
$3,500 zone. The price is trading above $3,380 and the 100-hourly
Simple Moving Average. There is a key bullish trend line forming
with support at $3,375 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could continue to rise unless there is a
close below the $3,350 support. Ethereum Price Fails To Surpass
$3,500 Ethereum price made another attempt to clear the $3,500
resistance zone. ETH struggled to continue higher above $3,500 and
started a downside correction like Bitcoin. There was a move below
the $3,450 and $3,420 levels. The price even dipped below $3,400
and tested $3,375. A low is formed at $3,376 and the price is
consolidating above the 23.6% Fib retracement level of the recent
decline from the $3,516 swing high to the $3,376 high. There is
also a key bullish trend line forming with support at $3,375 on the
hourly chart of ETH/USD. Ethereum is now trading above $3,375 and
the 100-hourly Simple Moving Average. On the upside, the price is
facing resistance near the $3,450 level and the 50% Fib retracement
level of the recent decline from the $3,516 swing high to the
$3,376 high. The first major resistance is near the $3,480 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 $3,640. An upside break above the
$3,640 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 $3,450 resistance, it could continue to
move down. Initial support on the downside is near $3,380 and the
trend line. The first major support sits near the $3,350 zone. A
clear move below the $3,350 support might push the price toward
$3,270. Any more losses might send the price toward the $3,220
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 – $3,380
Major Resistance Level – $3,450
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