Ethereum Trades Modestly But Challenges The $3,400 Hurdle

Ethereum (ETH) Current Statistics

The current price: $3,303.65
Market Capitalization:$396.81B
Trading Volume: $17.55B
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis July 30, 2024

Ethereum’s (ETH) price fall below the moving average lines again but challenges the $3,400 hurdle. On July 5, the biggest altcoin hit a low of $2,815. Today, the bulls attempted to keep the price above the moving average lines but were thwarted at the 21-day SMA or $3,400 resistance level.

The selling pressure on Ether has subsided as the altcoin trades below the moving average lines. The altcoin is trading above its current support at $3,093 but below its resistance at the 21-day SMA. If the price breaks above the moving average lines, Ether will return to its high of $3,566.

In contrast, the altcoin will fall if it loses its present support level of $3,093. However, the range-bound trend will continue as long as the levels are maintained. Ether is currently valued at $3,318.

ETH Technical Indicators Reading

Following the price drop on July 25, the price bars are below the moving average lines. The price bars are rejected by the 21-day moving average line. The moving average lines on both charts are sloping horizontally due to the sideways trend’s persistence.

Conclusion

Ethereum is dropping below the moving average lines for the second time but challenges the $3,400 hurdle. On the 4-hour chart, the altcoin is trading in a close range of $3,250 to $3,350. Ether is trading modestly as it gets rejected at the moving average lines.

The crypto signal is range-bound since a new price range has formed. When the altcoin’s price breaks through the current and resistance levels, it will trend.

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