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NewsBTC 2024-07-23 03:48:33

Ethereum Price Battles at $3,550: Bulls Ready for Another Try?

Ethereum Price Battles at $3,550: Bulls Ready for Another Try?

Ethereum price is still struggling to clear the $3,500 resistance zone. ETH is now consolidating and might make another attempt to clear $3,550. Ethereum is consolidating below the $3,550 resistance zone. The price is trading above $3,450 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,440 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if there is a clear move above the $3,500 resistance zone. Ethereum Price Holds Gains Above $3,450 Ethereum price remained in a bullish zone above the $3,420 resistance zone. ETH made another attempt to clear the $3,550 resistance zone but failed like Bitcoin. The price reacted to the downside and tested the $3,425 level. A low is formed near $3,427 and the price is rising. There was a move above the $3,450 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $3,563 swing high to the $3,427 low. There is also a key bullish trend line forming with support at $3,440 on the hourly chart of ETH/USD. Ethereum is now trading above $3,450 and the 100-hourly Simple Moving Average. If the price stays above the 100-hourly Simple Moving Average, it could attempt a fresh increase. On the upside, the price is facing resistance near the $3,500 level or the 50% Fib retracement level of the downward move from the $3,563 swing high to the $3,427 low. The first major resistance is near the $3,550 level. The next major hurdle is near the $3,565 level. A close above the $3,565 level might send Ether toward the $3,650 resistance. The next key resistance is near $3,720. An upside break above the $3,720 resistance might send the price higher toward the $3,800 resistance zone in the coming days. More Losses In ETH? If Ethereum fails to clear the $3,500 resistance, it could start another pullback. Initial support on the downside is near $3,460. The first major support sits near the $3,440 zone and the trend line. A clear move below the $3,440 support might push the price toward $3,420. Any more losses might send the price toward the $3,350 support level in the near term. The next key support sits at $3,320. 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 above the 50 zone. Major Support Level – $3,440 Major Resistance Level – $3,550

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