- Ethereum price rally is looking to tag the $3,000 resistance level after 80 days.
- A successful flip of $3,240 might indicate the start of a new uptrend.
- If ETH fails to hold above $3,240, a pullback to $2,640 seems likely.
Ethereum price is at a crucial point in its uptrend as it approaches an essential supply barrier. The current position of ETH is vital since it will decide if the uptrend will continue or lead to a pullback.
Ethereum price faces a tough decision
Ethereum price continues to rise, continuing its rally that started on July 20. The impressive 72% upswing shows no signs of slowing as it approaches the range high at $2,991. Breaching this barrier will allow ETH to tag the $3,000 psychological level.
Such a development will lay out two possibilities, a continuation of the uptrend or a correction that allows the buyers to recuperate before the next leg up.
For this uptrend to continue, Ethereum price needs to slice through $3,000 and produce a decisive 12-hour candlestick close above $3,240. Such a move will flip the range high into a support level, allowing ETH bulls to retrace to it and restart a new uptrend.
However, if the uptrend fails to stay above $3,000 and flip $3,240, ETH will likely retrace to $2,640, a stable support barrier. This move will allow the bulls to gather steam for a new upswing.
ETH/USDT 12-hour chart
While things seem bullish for Ethereum price, the correction to $2,640 could turn fatal if the sellers shatter it. This development could push ETH down to the 50% Fibonacci retracement level at $2,345. A breakdown of the range’s mid-point will shift the favor toward bears and invalidate the bullish outlook.
In some cases, a surge in selling pressure might push ETH down to $2,271.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.