Ethereum Reverses Course: Can ETH Bulls Save The Day?
July 02 2024 - 10:28PM
NEWSBTC
Ethereum price failed to climb above the $3,520 zone and corrected
gains. ETH is now showing bearish signs below the $3,400 support
zone. Ethereum started a downside correction after it failed to
surpass the $3,520 zone. The price is trading below $3,400 and the
100-hourly Simple Moving Average. There is a key bearish trend line
forming with resistance near $3,410 on the hourly chart of ETH/USD
(data feed via Kraken). The pair is now at risk of more downsides
below the $3,350 support zone. Ethereum Price Dips Again Ethereum
price failed to continue higher above the $3,520 and $3,550
resistance levels. ETH formed a top near $3,520 and started a fresh
decline like Bitcoin. There was a move below the $3,450 and $3,420
support levels. The bears pushed the price below the 50% Fib
retracement level of the upward wave from the $3,351 swing low to
the $3,516 high. It seems like the price trimmed most gains and
might continue to move down below the $3,350 support zone. Ethereum
is trading below $3,400 and the 100-hourly Simple Moving Average.
It is also below the 76.4% Fib retracement level of the upward wave
from the $3,351 swing low to the $3,516 high. If there is a
recovery wave, the price might face resistance near the $3,400
level. There is also a key bearish trend line forming with
resistance near $3,410 on the hourly chart of ETH/USD. The first
major resistance is near the $3,435 level. The next major hurdle is
near the $3,465 level. A close above the $3,465 level might send
Ether toward the $3,520 resistance. The next key resistance is near
$3,550. An upside break above the $3,550 resistance might send the
price higher. Any more gains could send Ether toward the $3,650
resistance zone. More Losses In ETH? If Ethereum fails to clear the
$3,410 resistance, it could continue to move down. Initial support
on the downside is near $3,365. The first major support sits near
the $3,350 zone. A clear move below the $3,350 support might push
the price toward $3,250. Any more losses might send the price
toward the $3,120 level in the near term. Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the
bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50
zone. Major Support Level – $3,350 Major Resistance Level – $3,435
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