Ethereum Targets $3,320: Bulls Eye Recovery with Base Formation
July 08 2024 - 11:48PM
NEWSBTC
Ethereum price seems to be forming a base above the $2,820 level.
ETH could break the $3,160 resistance and rise toward the $3,320
resistance. Ethereum is consolidating losses above the $2,880
level. The price is trading above $3,000 and the 100-hourly Simple
Moving Average. There was a break above a key bearish trend line
with resistance near $2,960 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could gain bullish momentum if there is
a close above the $3,160 resistance. Ethereum Price Eyes More
Upsides Ethereum price retested the $2,820 support zone. ETH seems
to be forming a base above $2,820 and recently started a
consolidation phase, like Bitcoin. There was a recovery wave above
the $2,880 and $2,920 resistance levels. There was also a break
above a key bearish trend line with resistance near $2,960 on the
hourly chart of ETH/USD. The pair tested the $3,080 resistance
zone. A high was formed at $3,072 and the price could aim for more
upsides in the near term. Ethereum is now trading above $3,000 and
the 100-hourly Simple Moving Average. It is also above the 23.6%
Fib retracement level of the upward move from the $2,894 swing low
to the $3,072 high. If there is another recovery wave, the price
might face resistance near the $3,080 level. The first major
resistance is near the $3,150 level. The next major hurdle is near
the $3,200 level. A close above the $3,200 level might send Ether
toward the $3,320 resistance. The next key resistance is near
$3,350. An upside break above the $3,350 resistance might send the
price higher toward the $3,500 resistance zone. Another Decline In
ETH? If Ethereum fails to clear the $3,150 resistance, it could
start another decline. Initial support on the downside is near
$3,020. The first major support sits near the $2,960 zone and the
61.8% Fib retracement level of the upward move from the $2,894
swing low to the $3,072 high. A clear move below the $2,960 support
might push the price toward $2,880. Any more losses might send the
price toward the $2,820 level in the near term. 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 – $2,960 Major Resistance Level –
$3,150
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