ethereum price started a downside correction from the $3500 resistance zone. eth fell below $3440 and it might struggle to sustain above $3380.
- ethereum is moving above the $3,500 zone.
- The price is trading above $3,520 and the 100 hourly simple moving average.
- There is a connecting bullish trend line forming with support at $3,450 on the hourly chart of eth/USD (data feed from Kraken).
- The pair could continue to rise if there is a clear move above the $3,565 resistance zone.
ethereum price recovers $3500
ethereum price remained in a bullish zone above the $3,350 resistance zone. eth extended its rise above the $3,500 resistance but lagged behind bitcoin. There was a spike above the $3,550 level and the price traded as high as $3,563.
It is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $3,412 low to $3,563 high. ethereum is now trading above the $3,500 and the 100 hourly simple moving average.
There is also a connecting bullish trend line forming with support at $3,450 on the hourly chart of eth/USD. The trend line is close to the 76.4% Fibonacci retracement level of the upward move from the $3,412 low to $3,563 high.
If the price sustains above the 100 hourly simple moving average, it could attempt a fresh increase. On the upside, the price is facing resistance near the $3,550 level. The first major resistance is near the $3,580 level. The next major hurdle is near the $3,650 level.
<img class="wp-image-630846 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/07/Ethereum-Price-Surges-Will-It-Challenge-the-3700-Mark-Again.png" alt="ethereum Price” srcset=”https://technicalterrence.com/wp-content/uploads/2024/07/Ethereum-Price-Surges-Will-It-Challenge-the-3700-Mark-Again.png?w=1835 1835w, https://technicalterrence.com/wp-content/uploads/2024/07/Ethereum-Price-Surges-Will-It-Challenge-the-3700-Mark-Again.png?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/07/Ethereum-Price-Surges-Will-It-Challenge-the-3700-Mark-Again.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/07/Ethereum-Price-Surges-Will-It-Challenge-the-3700-Mark-Again.png?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/07/Ethereum-Price-Surges-Will-It-Challenge-the-3700-Mark-Again.png?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/07/Ethereum-Price-Surges-Will-It-Challenge-the-3700-Mark-Again.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/07/Ethereum-Price-Surges-Will-It-Challenge-the-3700-Mark-Again.png?w=1140 1140w” />
A close above the $3,650 level could send Ether towards the $3,700 resistance. The next key resistance is near $3,720. An upside break above the $3,720 resistance could send the price towards the $3,800 resistance zone in the coming days.
Another drop in eth?
If ethereum fails to clear the $3,550 resistance, it could start a downside correction. The initial support on the downside is near $3,500. The first major support lies near the $3,470 zone and the 100 hourly simple moving average.
A clear move below the $3,470 support could propel the price towards $3,440. Any further losses could send the price towards the $3,350 support level in the near term. The next key support lies at $3,320.
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 above the 50 zone.
Major Support Level: $3500
Major Resistance Level: $3550
(tags to translate)ethbtc
