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Home»EXCHANGE NEWS»Ethereum Price Hits Resistance: Can ETH Rally Again?
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Ethereum Price Hits Resistance: Can ETH Rally Again?

By Crypto FlexsAugust 2, 20243 Mins Read
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Ethereum Price Hits Resistance: Can ETH Rally Again?
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Ethereum price corrected its uptrend and traded below the $3,300 level. ETH is consolidating and facing obstacles near the $3,300 resistance zone.

  • Ethereum started a downward correction from the $3,400 resistance level.
  • The price is trading below $3,330 and the 100 hourly simple moving average.
  • A major bullish trend line has broken below the $3,295 support level on the ETH/USD hourly chart, according to data provided by Kraken.
  • The pair could start further upside if it breaks the $3,330 resistance zone.

Ethereum Price Extends Downtrend Below $3,300

Ethereum price failed to break the $3,400 resistance level and started a downward correction like Bitcoin. ETH was trading below the $3,330 and $3,300 support levels, entering a short-term downtrend.

On the hourly chart of ETH/USD, there was a break below the major bullish trend line with support at $3,295. The pair surged below the support area of ​​$3,250. A low was formed at $3,231 and the price is now consolidating losses. It recovered some of the losses and traded above $3,280.

The price tested the 50% Fibonacci correction level from the $3,362 swing high to the $3,231 low. Ethereum price is currently trading below $3,300 and the 100 hourly simple moving average.

If there is a new uptrend, the price may face resistance near the $3,300 level and the 100-hourly simple moving average. The first major resistance is near the $3,330 level and the 76.4% Fibonacci retracement level of the downtrend from the $3,362 swing high to the $3,231 low.

Source: ETHUSD on TradingView.com

The next major hurdle is near the $3,350 level. A close above the $3,350 level could see Ether move towards the $3,400 resistance level. The next major resistance level is near the $3,500 level. A break above the $3,500 resistance level could see the price move towards the $3,650 resistance level in the short term.

Will ETH fall again?

If Ethereum fails to break the $3,330 resistance, it could continue to decline. The initial support level for the downtrend is near $3,250. The first major support level is near the $3,230 area.

A clear move below the $3,230 support level could see the price rise to $3,180. Further losses could see the price rise to the $3,080 support level in the short term. The next major support level is $3,020.

Technical indicators

MACD every hour – The MACD for ETH/USD is losing momentum in a downtrend.

Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.

Key Support Level – $3,230

Key Resistance Level – $3,330

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