Ethereum

Bitcoin

Resistance

Ethereum price extended its increase above the $3,120 resistance zone. ETH could soon aim for a move above the $3,200 resistance. 
<ul> 
 <li>Ethereum is slowly moving higher above the $3,080 level.</li> 
 <li>The price is trading above $3,080 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could rise steadily if there is a close above the $3,200 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-outperforms-bitcoin">Ethereum Price Outperforms Bitcoin</h2> 
Ethereum price extended its recovery wave above the $3,050 resistance zone. ETH even climbed above the $3,150 resistance. Finally, there was a spike above the $3,200 resistance, outperforming <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-falls-56k/" target="_blank" rel="noopener ">Bitcoin</a>. 
It tested the $3,220 resistance zone. A high was formed at $3,213 and the price is now correcting gains. There was a minor decline below $3,150. The price tested the 50% Fib retracement level of the upward move from the $2,894 swing low to the $3,213 high. 
Ethereum is now trading above $3,080 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-break-3120/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD. 
On the upside, the price is facing resistance near the $3,140 level. The first major resistance is near the $3,200 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. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_ee3931.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-629386 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_ee3931.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_ee3931.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_ee3931.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_ee3931.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_ee3931.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_ee3931.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_ee3931.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_ee3931.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance is near $3,440. An upside break above the $3,440 resistance might send the price higher toward the $3,550 resistance zone in the coming days. 
<h2 id="are-dips-supported-in-eth">Are Dips Supported In ETH?</h2> 
If Ethereum fails to clear the $3,140 resistance, it could start another decline. Initial support on the downside is near $3,070 and the trend line. The first major support sits near the $3,000 zone and the 61.8% Fib retracement level of the upward move from the $2,894 swing low to the $3,213 high. 
A clear move below the $3,000 support might push the price toward $2,970. Any more losses might send the price toward the $2,895 support level in the near term. The next key support sits at $2,820. 
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 – $3,070 
Major Resistance Level – $3,200

Ethereum Price Rises Amid Challenges: Will ETH Break Above $3,200?

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