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Home»EXCHANGE NEWS»What’s Next for the Altcoin Giants?
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What’s Next for the Altcoin Giants?

By Crypto FlexsJuly 17, 20243 Mins Read
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What’s Next for the Altcoin Giants?
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Ethereum price remains stable above the $3,400 resistance level. ETH has tested $3,500 again and appears to be struggling to move higher.

  • Ethereum is trending upwards and struggling near the $3,500 level.
  • The price is trading above $3,400 and the 100 hourly simple moving average.
  • On the ETH/USD hourly chart based on data provided by Kraken, there is a support line forming at $3,350, with a major bullish trend line forming.
  • The pair could continue its uptrend if it breaks the resistance levels of $3,500 and $3,550.

Ethereum Price Faces Major Challenges, Can It Continue to Rise?

Ethereum price remained in a bullish zone above the $3,350 resistance zone. ETH moved above the $3,400 resistance zone and into a more positive zone. However, unlike Bitcoin, which broke through $65,000, the price appears to be facing strong resistance near the $3,500 zone.

A high was formed at $3,515 and the price is now consolidating in the uptrend. The price corrected a few points and tested the 23.6% Fibonacci retracement level of the uptrend from the $3,350 swing low to the $3,515 high.

Ethereum is currently trading above $3,400 and the 100-hour SMA. There is also a major bullish trend line forming with support at $3,350 on the hourly chart of ETH/USD. On the upside, it is facing resistance near $3,500.

The first major resistance level is near the $3,520 level. The next major hurdle is near the $3,550 level. A close above the $3,550 level could see Ether move towards the $3,650 resistance level.

Source: ETHUSD on TradingView.com

The next major resistance is near $3,740. A break above the $3,740 resistance could push the price towards the $3,800 resistance in the coming days.

Is the price drop supported in ETH?

If Ethereum fails to break above the $3,500 resistance, a downward correction could begin. Initial support for the downtrend is near $3,420, which is the 61.8% Fibonacci correction level of the uptrend from the $3,350 swing low to the $3,515 high.

The first major support is near the $3,350 area and the trend line. A clear move below the $3,350 support could push the price up to $3,320. Further losses could push the price up to the $3,250 support in the short term. The next major support is at $3,220.

Technical indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

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

Key Support Level – $3,350

Key Resistance Level – $3,500

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