Ethereum price started a steady upward move above $3,120. ETH is now consolidating gains and might aim for more gains above $3,250.

• Ethereum started a fresh increase above $3,050 and $3,150.
• The price is trading above $3,200 and the 100-hourly Simple Moving Average.
• There is a short-term bullish trend line forming with support at $3,185 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it clears the $3,250 zone.

Ethereum Price Remains Supported

Ethereum price started a fresh increase after it settled above the $3,050 zone, like Bitcoin. ETH price gained pace for a move above the $3,120 and $3,150 resistance levels.

The bulls even pumped the price toward $3,220. A high was formed at $3,264, and the price is now consolidating gains. It declined a few points below the 23.6% Fib retracement level of the recent increase from the $3,134 swing low to the $3,264 high.

Ethereum price is now trading above $3,200 and the 100-hourly Simple Moving Average. Besides, there is a short-term bullish trend line forming with support at $3,185 on the hourly chart of ETH/USD.

If the bulls are able to protect more losses below $3,150, the price could attempt another increase. Immediate resistance is seen near the $3,240 level. The first key resistance is near the $3,250 level. The next major resistance is near the $3,265 level.

A clear move above the $3,265 resistance might send the price toward the $3,350 resistance. An upside break above the $3,350 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,450 resistance zone or even $3,500 in the near term.

Downside Correction In ETH?

If Ethereum fails to clear the $3,250 resistance, it could start a fresh decline. Initial support on the downside is near the $3,200 level or the 50% Fib retracement level of the recent increase from the $3,134 swing low to the $3,264 high.

The first major support sits near the $3,185 zone and the trend line. A clear move below the $3,185 support might push the price toward the $3,120 support. Any more losses might send the price toward the $3,050 region.

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 – $3,185

Major Resistance Level – $3,250

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Ethereum price is still struggling to clear the $4,000 resistance zone. ETH might consolidate for some time above $3,600 before the bulls gain strength.

• Ethereum traded to a new multi-month high above $3,980.
• The price is trading near $3,850 and the 100-hourly Simple Moving Average.
• There is a short-term breakout pattern forming with resistance at $3,950 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could resume its increase if it clears the $3,950 resistance zone.

Ethereum Price Revisits $4K

Ethereum price extended its rally above the $3,900 level, like Bitcoin. ETH cleared the $3,950 level and traded close to the $4,000 resistance zone. It traded to a new multi-month high above $3,990 and recently started a consolidation phase.

There was a pullback below the $3,920 level. The price tested the 23.6% Fib retracement level of the recent wave from the $3,211 swing low to the $3,9983 high. Ethereum price is now consolidating near $3,850 and the 100-hourly Simple Moving Average.

There is also a short-term breakout pattern forming with resistance at $3,950 on the hourly chart of ETH/USD. If the pair stays above the $3,800 level, it could attempt another increase. Immediate resistance on the upside is near the $3,900 level.

Source: ETHUSD on TradingView.com

The first major resistance is near the $3,940 level. The next major resistance is near $4,000, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $4,120 level. If there is a move above the $4,120 resistance, Ethereum could even rise toward the $4,220 resistance. Any more gains might call for a test of $4,350.

Are Dips Limited In ETH?

If Ethereum fails to clear the $3,950 resistance, it could start another downside correction. Initial support on the downside is near the $3,800 level.

The first major support is near the $3,600 zone or the 50% Fib retracement level of the recent wave from the $3,211 swing low to the $3,9983 high. The next key support could be the $3,400 zone. A clear move below the $3,400 support might send the price toward $3,250. Any more losses might send the price toward the $3,120 level.

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 below the 50 level.

Major Support Level – $3,800

Major Resistance Level – $3,950

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

A closely followed crypto strategist is issuing a warning to investors saying that a handful of altcoins appear poised for a corrective move after rallying over the last two weeks.

Pseudonymous analyst Cheds tells his 275,200 Twitter followers that he’s keeping an eye on memecoin Shiba Inu (SHIB), peer-to-peer payments protocol Litecoin (LTC), blockchain-based gaming ecosystem The Sandbox (SAND), decentralized exchange Uniswap (UNI) and blockchain scaling soluton Polygon (MATIC).

According to Cheds, crypto bears should closely watch these five altcoins for potential retracements.

Some altcoins worth watching for a short setup$SAND$LTC$SHIB$MATIC$UNI https://t.co/SHmhKu9FUc

— Cheds (@BigCheds) July 20, 2022

Cheds also highlights that the market structure of many altcoins looks similar to the current price action of Litecoin, which he notes is flashing signs of bullish exhaustion after rallying over 20% since July 13th.

“LTC four-hour [chart] head and shoulders top forming. Much of the market has this kind of look with variations, three to four thrusts with different peaks.”

Traders see the head and shoulders top as a sign that a market reversal could be on the horizon.

As for Bitcoin (BTC), Cheds warned his followers last week that the leading crypto asset was starting to show signs of weakness after one metric flashed a bearish divergence.

“BTC and ETH both with on-balance volume (OBV) bear divergence on daily chart.” 

The OBV is a technical indicator that measures buying and selling volume while a bearish divergence suggests that a trend reversal could be in sight. According to Cheds, a Bitcoin correction back to $20,600 will resolve the OBV bearish divergence.

The crypto analyst also notes that the 200 moving average on the four-hour chart is hovering around $20,000.

“BTC four-hour moving average 200 is right around $20,900.” 

At time of writing, Bitcoin is swapping hands for $22,556, down less than 1% on the day.

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