Ethereum Price Stabilizes: Can ETH Gain Traction for an Upswing?
July 29 2024 - 10:28PM
NEWSBTC
Ethereum price struggled to clear the $3,400 zone and corrected
gains. ETH is firm near $3,280 and might attempt another increase
in the near term. Ethereum started a downside correction from the
$3,400 resistance. The price is trading near $3,280 and the
100-hourly Simple Moving Average. There is a key bullish trend line
forming with support at $3,280 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could start another increase unless
there is a close below the $3,250 support zone. Ethereum Price
Holds Firm While Bitcoin Dips Ethereum price extended its increase
above the $3,250 zone. ETH even cleared the $3,350 resistance zone
and tested the $3,400 level. Recently, there was a downside
correction from the $3,395 high, but it was less compared to
Bitcoin. The price declined below the $3,350 support zone. It
declined below the 50% Fib retracement level of the upward move
from the $3,201 swing low to the $3,395 high. Ethereum is now
trading near $3,280 and the 100-hourly Simple Moving Average. There
is also a key bullish trend line forming with support at $3,280 on
the hourly chart of ETH/USD. The trend line is close to the 61.8%
Fib retracement level of the upward move from the $3,201 swing low
to the $3,395 high. If there is a fresh increase, the price could
face resistance near the $3,350 level. The first major resistance
is near the $3,400 level. The next major hurdle is near the $3,440
level. A close above the $3,440 level might send Ether toward the
$3,500 resistance. The next key resistance is near $3,550. An
upside break above the $3,550 resistance might send the price
higher toward the $3,720 resistance zone in the near term. More
Losses In ETH? If Ethereum fails to clear the $3,350 resistance, it
could continue to move down. Initial support on the downside is
near $3,280. The first major support sits near the $3,250 zone and
the trend line. A clear move below the $3,250 support might push
the price toward $3,180. Any more losses might send the price
toward the $3,120 support level in the near term. The next key
support sits at $3,080. 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 –
$3,250 Major Resistance Level – $3,350
Ethereum (COIN:ETHUSD)
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