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Ethereum Reverses Course: Can ETH Bulls Save The Day?

Started by Bitcoin, Jul 03, 2024, 06:53 am

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Ethereum Reverses Course: Can ETH Bulls Save The Day?

Ethereum price failed to climb above the $3,520 zone and corrected gains. ETH is now showing bearish signs below the $3,400 support zone.



  • Ethereum started a downside correction after it failed to surpass the $3,520 zone.

  • The price is trading below $3,400 and the 100-hourly Simple Moving Average.

  • There is a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair is now at risk of more downsides below the $3,350 support zone.


Ethereum Price Dips Again


Ethereum price failed to continue higher above the $3,520 and $3,550 resistance levels. ETH formed a top near $3,520 and started a fresh decline like Bitcoin. There was a move below the $3,450 and $3,420 support levels.


The bears pushed the price below the 50% Fib retracement level of the upward wave from the $3,351 swing low to the $3,516 high. It seems like the price trimmed most gains and might continue to move down below the $3,350 support zone.


Ethereum is trading below $3,400 and the 100-hourly Simple Moving Average. It is also below the 76.4% Fib retracement level of the upward wave from the $3,351 swing low to the $3,516 high.


If there is a recovery wave, the price might face resistance near the $3,400 level. There is also a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD. The first major resistance is near the $3,435 level.


Ethereum Price

The next major hurdle is near the $3,465 level. A close above the $3,465 level might send Ether toward the $3,520 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher. Any more gains could send Ether toward the $3,650 resistance zone.


More Losses In ETH?


If Ethereum fails to clear the $3,410 resistance, it could continue to move down. Initial support on the downside is near $3,365. The first major support sits near the $3,350 zone.


A clear move below the $3,350 support might push the price toward $3,250. Any more losses might send the price toward the $3,120 level in the near term.


Technical Indicators


Hourly MACD - The MACD for ETH/USD is gaining momentum in the bearish zone.


Hourly RSIThe RSI for ETH/USD is now below the 50 zone.


Major Support Level - $3,350


Major Resistance Level - $3,435


Source: Ethereum Reverses Course: Can ETH Bulls Save The Day?