Ethereum

bullish

Bitcoin

Resistance

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. 
<ul> 
 <li>Ethereum started a downside correction from the $3,400 resistance.</li> 
 <li>The price is trading near $3,280 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start another increase unless there is a close below the $3,250 support zone.</li> 
</ul> 
<h2 id="ethereum-price-holds-firm-while-bitcoin-dips">Ethereum Price Holds Firm While Bitcoin Dips</h2> 
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 <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pulls-back-70k/" target="_blank" rel="noopener ">Bitcoin</a>. 
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 <a href="https://www.newsbtc.com/analysis/eth/ethereum-to-match-bitcoin-strength/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. 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. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_18cd57.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-632163 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_18cd57.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_18cd57.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_18cd57.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_18cd57.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_18cd57.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_18cd57.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_18cd57.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_18cd57.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher toward the $3,720 resistance zone in the near term. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
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 Price Stabilizes: Can ETH Gain Traction for an Upswing?

Table of Contents

NewsBTC

Other articles published on Jul 30, 2024

Ethereum Open Interest Hits $11 Billion Amid ETF Approval

Judge grants ex-FTX exec’s request to postpone reporting to prison

Ethereum’s Breakout Moment: Here’s Why ETH Could Skyrocket to $15,000 Soon

Ethereum Post-ETF Rally Likely to Outshine Solana Gains

XRP vs SEC: Whale Activity and Bullish Technical Indicators Signal Impressive Price Surge to $0.70

Toncoin (TON) Struggles to Maintain $7 Support Amid Market Downturn

Join our free newsletter for daily crypto updates!