July 23, 2024
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Ethereum Could Rally to $3.5K, but It Isn’t Over Yet


Ethereum stayed strong, rising beyond $3,200 for the second day in a row. ETH even surpassed the $3,250 mark, settling far above the 100 hourly simple moving average.

Near $3,272, a high was made, and the price is now correcting gains. It is currently trading below the $3,200 level of support. Ether fell below the 23.6 percent Fib retracement line of the latest rise from the swing low of $3,028 to the high of $3,272.

The price, however, continues to trade above $3,150 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a big bullish trend line is forming with support near $3,150.

Source: TradingView.com

Near the $3,220 mark, there is immediate upside resistance. The $3,220 level is the first big resistance. A good close above $3,250 could signal the start of a new upward trend. In the above scenario, the price could rise above $3,280 and $3,300. The bulls’ next significant resistance level could be around $3,400.

If ethereum fails to rise beyond $3,220 or $3,250, a negative correction could begin. On the downside, the $3,150 level and the trend line zone provide initial support.

The trend line is also around the 50% Fib retracement level of the current rise from the swing low of $3,028 to the high of $3,272.

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