Ethereum Renews Bullish Ascent after Hitting the $3,500 Barrier

Ethereum (ETH) Current Statistics
The current price: $3,443.07
Market Capitalization: $414,609,448,788
Trading Volume: $20.45B
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis July 16, 2024
Ethereum’s bullish ascent has subsided after hitting the $3,500 barrier or the 50-day SMA resistance mark. The cryptocurrency price fails to break through the resistance at the 50-day SMA. A break above the barrier level would have pushed the altcoin to highs of $3,730 and $3,800.

Ether is retracing after encountering resistance at the 50-day SMA. On the downside, the altcoin is anticipated to retrace to $3,357 low, the 21-day SMA support level. If the bear cracks the 21-day SMA support, Ether will resume renewed selling pressure. Ether will return to the $3,000 psychological price level.

Meanwhile, the largest altcoin trades below the 50-day SMA but above the 21-day SMA. Ether is currently valued $3,401.

ETH Technical Indicators Reading
Ether’s price is in the midst of the price range, having retraced from the 50-day SMA. The present fluctuation will continue if the altcoin retraces and remains above the 21-day SMA support. Following the latest dip, the cryptocurrency price is hovering just above the $3,400 support level.

Conclusion
Ether has been restricted to a range after hitting the $3,500 barrier. On the 4-hour chart, Ether retraced and found support above the $3,300 level. The altcoin’s upward movement has begun, as it approaches the $3,500 high. On the upside, Ether’s bullish trend will resume if buyers overcome the $3,500 resistance level or the 50-day SMA.

The crypto signal is positive, as Ether remains above the $3,300 support.

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