Ethereum

Resistance

Ethereum price remained in a bearish zone below $3,250 zone. ETH dived below the $3,000 support and even tested the $2,850 zone. 
<ul> 
 <li>Ethereum started a fresh decline below the $3,120 and $3,000 levels.</li> 
 <li>The price is trading below $3,000 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could correct losses, but upsides might be limited above the $3,120 zone.</li> 
</ul> 
<h2 id="ethereum-price-dives-8">Ethereum Price Dives 8%</h2> 
Ethereum price failed to start a recovery wave above the $3,150 and $3,200 resistance levels. ETH started another decline below the $3,120 support zone like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-turns-red-55k/" target="_blank" rel="noopener ">Bitcoin</a>. There was a move below the $3,050 and $3,000 support levels. 
The price declined 8% and even tested the $2,850 support. A low was formed at $2,862 and the price is now consolidating losses. The price is showing a lot of bearish signs and trading well below the 23.6% Fib retracement level of the downward move from the $3,425 swing high to the $2,860 low. 
Ethereum is trading below $3,000 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-plummets-3150/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. If there is a recovery wave, the price might face resistance near the $2,960 level. The first major resistance is near the $3,000 level. 
There is also a key bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD. The next major hurdle is near the $3,120 level or the 50% Fib retracement level of the downward move from the $3,425 swing high to the $2,860 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_c74c9f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-627974 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_c74c9f.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_c74c9f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_c74c9f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_c74c9f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_c74c9f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_c74c9f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_c74c9f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_c74c9f.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A close above the $3,120 level might send Ether toward the $3,200 resistance. The next key resistance is near $3,250. An upside break above the $3,250 resistance might send the price higher toward the $3,350 resistance zone. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,000 resistance, it could continue to move down. Initial support on the downside is near $2,850. The first major support sits near the $2,800 zone. 
A clear move below the $2,800 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 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 – $2,850 
Major Resistance Level – $3,000

Ethereum Dives Below $3K: What’s Next For The Crypto?

Table of Contents

NewsBTC

Other articles published on Jul 5, 2024

MoonBag Crypto Flies to New Heights- Will Dogecoin and Kangamoon Manage to Break Their Fall?

XRP and Cardano Secure Major Victory, Leading Altcoins Into Further Gains

Failed to make profits in Crypto bull run? Here’s the solution

Taiwan Mobile Enters Crypto Market

Ethereum’s Bloodbath Hits $2900 With 8.88% Downside Risk This Weekend

German Lawmaker Wants Government To HODL Bitcoin (BTC), Not Sell

Join our free newsletter for daily crypto updates!