Key Points
- Ethereum may be recovering after falling below $3,320.
- Bulls will have to deal with resistance levels at $3,440 and $3,540.
- To avert further downsides, it needs to keep above $3,240.
- Signs of a fragile bullish hold are seen on technical indicators.
Ethereum’s Fight With The Resistance
Ethereum went through a significant drop recently when it slipped under the important support level of $3,320. Like BTC’s bearish wave which pushed ETH down to around $3,230. Fast recovery however took it back above the key level suggesting bulls could be thinking of another attempt.
At present Ether trades right below the 100-hourly Simple Moving Average (SMA) at about $3,400 which shows some hurdle in the short run.
Now that ETH is showing signs of bullishness once again traders’ major concern is what can be considered as significant resistance levels for now. They need to be won over by Ethereum if there should be any indication of an uptrend continuation.
The first one is situated around $3,440 where an hourly trend line can still be seen as a bearish signal against USD. If this is conquered successfully it may open doors towards the next major point at approximately $3,540 while aiming for higher heights such as around 3620 or even touching 3720 might not be out of reach if momentum does continue.
CRYPTO BREAKING NEWS
Ethereum Price Bottom Signal: Is a Recovery on the Horizon?. Ethereum price extended losses below the $3,320 support. ETH tested the $3,240 support and is now eyeing a decent increase above the $3,380 resistance. Ethereum extended losses and tested the… pic.twitter.com/gDrG9o4qLE— InnovatekMobile (@Neome_com) June 25, 2024
Levels Of Resistance And Potential Upside
For Ethereum to break its cycle of losses there must be breakthroughs past these notable resistance levels; starting from the current pivotal position ($3440). Overcoming this would set sights on the second critical area close around ($3540), a breach which could spark off accelerated move up towards 3620 and beyond. In case the uptrend holds stronger then we cannot rule out the possibility of bullishness testing 3720 which is a tough nut to crack.
Nevertheless, there are strong headwinds for ETH. Failure to go above $3,450 might send it back lower again with initial support created around $3,325 acting as thin ground. Breaking this would accelerate declines towards $3,200 and if bearish pressure intensifies even more down to 3120 can be touched.
Technical Highlights
On the hourly chart of ETH/USD MACD still remains in bearish territory showing that downward momentum has been slowing down though little by little. As for RSI, it went beyond the 50 mark suggesting some tentative hold on the bulls’ part but only just – need a closer look at key levels such as 3450 (resistance) and 3240 (support).
Ethereum has recently shown signs of both the bears fighting back against one another while there are growing numbers among traders who believe this time may be different from previous attempts made by them since last year’s summer period when EIP1559 came into effect — what happens next few days could prove or disprove these sentiments right away!
Therefore considering all the information given above it becomes crucial for traders/investors alike to closely follow developments taking place within the vicinity currently occupied.
