Ethereum

Resistance

Green

Gains

Ethereum price is moving higher above the $3,080 resistance zone. ETH could gain bullish momentum if there is a close above the $3,150 resistance. 
<ul> 
 <li>Ethereum is slowly moving higher above the $3,050 level.</li> 
 <li>The price is trading above $3,050 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a short-term bullish flag with resistance near $3,090 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if there is a close above the $3,150 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-could-extend-gains-above-3-150">Ethereum Price Could Extend Gains Above $3,150</h2> 
Ethereum price extended its recovery wave above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-upside-3110/" target="_blank" rel="noopener ">$3,000 resistance zone</a>. ETH even climbed above the $3,050 resistance. There was a break above a short-term bullish flag with resistance near $3,090 on the hourly chart of ETH/USD. 
The pair even spiked above the $3,110 resistance, outperforming <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-hit-rejection-60k/" target="_blank" rel="noopener ">Bitcoin</a>. It tested the $3,150 resistance zone. A high was formed at $3,149 and the price is now consolidating gains. There was a minor decline below $3,120. The price tested the 23.6% Fib retracement level of the upward move from the $2,895 swing low to the $3,149 high. 
Ethereum is now trading above $3,050 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $3,120 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_50e56a.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-629123 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_50e56a.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_50e56a.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_50e56a.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_50e56a.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_50e56a.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_50e56a.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_50e56a.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_50e56a.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first major resistance is near the $3,150 level. The next major hurdle is near the $3,220 level. A close above the $3,220 level might send Ether toward the $3,320 resistance. The next key resistance is near $3,400. An upside break above the $3,400 resistance might send the price higher toward the $3,500 resistance zone in the coming days. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,150 resistance, it could start another decline. Initial support on the downside is near $3,080. The first major support sits near the $3,020 zone and the 50% Fib retracement level of the upward move from the $2,895 swing low to the $3,149 high. 
A clear move below the $3,020 support might push the price toward $2,955. Any more losses might send the price toward the $2,880 support level in the near term. 
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 – $3,020 
Major Resistance Level – $3,150

Ethereum Price Sets Sights on Upside Break: Indicators Turn Green

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