Ethereum Leaps 5%, Crosses $3,300: Bulls Command The Market
14 Julio 2024 - 11:18PM
NEWSBTC
Ethereum price started a major increase above the $3,250 resistance
zone. ETH even surpassed $3,300 and aims for more upsides in the
near term. Ethereum is gaining pace above the $3,250 level. The
price is trading above $3,250 and the 100-hourly Simple Moving
Average. There is a connecting bullish trend line forming with
support at $3,270 on the hourly chart of ETH/USD (data feed via
Kraken). The pair could continue to rise above the $3,320 and
$3,350 resistance levels. Ethereum Price Regains Strength Ethereum
price started a steady increase above the $3,150 resistance zone.
ETH even climbed above the $3,250 resistance to move into a
positive zone. Finally, there was a move above the $3,300
resistance, like Bitcoin. It tested the $3,250 resistance zone. A
high was formed at $3,339 and the price is now consolidating gains.
The bulls seem to be active well above the 23.6% Fib retracement
level of the upward move from the $3,084 swing low to the $3,339
high. Ethereum is now trading above $3,280 and the 100-hourly
Simple Moving Average. There is also a connecting bullish trend
line forming with support at $3,270 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance near the $3,340
level. The first major resistance is near the $3,350 level. The
next major hurdle is near the $3,420 level. A close above the
$3,420 level might send Ether toward the $3,500 resistance. The
next key resistance is near $3,550. An upside break above the
$3,550 resistance might send the price higher toward the $3,650
resistance zone in the coming days. Are Dips Supported In ETH? If
Ethereum fails to clear the $3,340 resistance, it could start a
downside correction. Initial support on the downside is near $3,270
and the trend line. The first major support sits near the $3,220
zone. A clear move below the $3,220 support might push the price
toward $3,200 or the 50% Fib retracement level of the upward move
from the $3,084 swing low to the $3,339 high. Any more losses might
send the price toward the $3,150 support level in the near term.
The next key support sits at $3,050. Technical Indicators Hourly
MACD – The MACD for ETH/USD is gaining momentum in the bullish
zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,270 Major Resistance Level – $3,340
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