Ethereum Price Faces Recovery Hurdle: Examining The Roadblocks Ahead
June 25 2024 - 11:28PM
NEWSBTC
Ethereum price started a recovery wave from the $3,230 zone. ETH
climbed above $3,350, but it now faces strong resistance at $3,420.
Ethereum started an upside correction from the $3,240 support zone.
The price is trading below $3,420 and the 100-hourly Simple Moving
Average. There is a key bearish trend line forming with resistance
near $3,410 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $3,420 and $3,450 resistance levels to
continue higher. Ethereum Price Eyes Recovery Ethereum price
extended losses and traded below the $3,350 zone. ETH even tested
the $3,240 support zone before it started a recovery wave like
Bitcoin. There was a decent increase above the $3,300 and $3,320
levels. The bulls pushed the price above $3,350. It even spiked
above the 61.8% Fib retracement level of the downward move from the
$3,518 swing high to the $3,230 low. However, the price seems to be
facing strong resistance near the $3,420 zone. There is also a key
bearish trend line forming with resistance near $3,410 on the
hourly chart of ETH/USD. Ethereum is still trading below $3,420 and
the 100-hourly Simple Moving Average. On the upside, the price is
facing hurdles near the trend line and $3,420. The first major
resistance is near the $3,450 level. It is close to the 76.4% Fib
retracement level of the downward move from the $3,518 swing high
to the $3,230 low. A close above the $3,450 level might send
Ethereum toward the $3,520 resistance. The next key resistance is
near $3,550. An upside break above the $3,550 resistance might send
the price higher. The next key resistance sits at $3,620, above
which the price might gain traction and rise toward the $3,650
level. Any more gains could send Ether toward the $3,720 resistance
zone. Another Drop In ETH? If Ethereum fails to clear the $3,420
resistance, it could start another decline. Initial support on the
downside is near $3,375. The first major support sits near the
$3,350 zone. A clear move below the $3,350 support might push the
price toward $3,280. Any more losses might send the price toward
the $3,240 level in the near term. 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 – $3,300 Major Resistance Level – $3,420
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