Ethereum Price Experiences a Technical Pullback: Is a Rally in ETH on the Horizon?

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    <amp-img width="860" height="491" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-ETH-Correction.jpeg?fit=860%2C491" class="attachment-large size-large wp-post-image amp-wp-enforced-sizes i-amphtml-layout-intrinsic i-amphtml-layout-size-defined" alt="Ethereum Undergoes Price Adjustment" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-ETH-Correction.jpeg?w=1792 1792w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-ETH-Correction.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-ETH-Correction.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-ETH-Correction.jpeg?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-ETH-Correction.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-ETH-Correction.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-ETH-Correction.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" layout="intrinsic"></amp-img>
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        Ethereum Undergoes Price Adjustment
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    <p><em>The Ethereum price has commenced a corrective dip from the $3,520 threshold. ETH sustains above $3,420, likely gearing up for another upturn shortly.</em></p>
<ul>
    <li>Ethereum has witnessed a retracement following an attempt to breach the $3,520 resistance.</li>
    <li>The price remains buoyant above $3,420 and the 100-hourly Simple Moving Average.</li>
    <li>A connecting downward trend line is emerging with resistance near $3,470 on the hourly chart of ETH/USD (data feed via Kraken).</li>
    <li>The currency needs to surpass the resistance zones at $3,470 and $3,520 to maintain its upward trajectory.</li>
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<h2>Price Adjustment Phase for Ethereum</h2>
<p>The Ethereum price has seen a respectable rally beginning from the $3,420 level. ETH advanced past the $3,450 mark, signaling a short-term optimistic shift analogous to <a target="_blank" href="https://www.newsbtc.com/analysis/btc/bitcoin-price-challenge-63650/" target="_blank">Bitcoin</a>.</p>
<p>After overcoming the $3,500 resistance, the cryptocurrency peaked at $3,516 before engaging in a modest retracement. The descent took it beneath the $3,480 and $3,470 levels. Furthermore, it dropped below the 23.6% Fib retracement level of the ascent from the $3,350 swing low to the $3,516 peak.</p>
<p>Nonetheless, the $3,420 support zone has attracted active buyers, preventing declines beyond the 50% Fib retracement level of the upsurge from the $3,350 swing low to the $3,516 peak.</p>
<p>Ethereum is trading above the $3,420 level and the 100-hourly Simple Moving Average. It is experiencing a hurdle near the $3,470 mark due to the formation of a connecting bearish trend line on the hourly chart of ETH/USD.</p>
<figure id="attachment_627299" aria-describedby="caption-attachment-627299" class="wp-caption alignnone amp-wp-2b2b87d" data-amp-original-style="width: 1024px"><a target="_blank" href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_65aff8.png?resize=1024%2C461"><amp-img class="wp-image-627299 size-full amp-wp-enforced-sizes i-amphtml-layout-intrinsic i-amphtml-layout-size-defined" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_65aff8.png?resize=1024%2C461" alt="Ethereum Trend Graph" width="1024" height="461" layout="intrinsic"></amp-img></a><figcaption id="caption-attachment-627299" class="wp-caption-text">Source: <a target="_blank" href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank">ETHUSD on TradingView.com</a></figcaption></figure>
<p>The imminent major resistance is near the $3,500 mark. Consequent significant barriers lie at $3,520. A successful closure above the $3,520 level may propel Ethereum towards $3,550. A persistent bullish wave could target the $3,650 resistance. Further advances might approach the $3,720 zone.</p>
<h2>Can Ethereum Sustain Upcoming Dips?</h2>
<p>Should Ethereum struggle to transcend the $3,470 barrier, a further pullback may ensue. Immediate support is found at around $3,435. Below that, substantial support is situated near $3,420.</p>
<p>A decisive dip beneath the $3,420 mark could steer the price to the $3,350 level. Continued downturns might send Ethereum towards $3,320 in the short term.</p>
<p>Technical Indicators</p>
<p>Hourly MACD<strong> – </strong>The MACD for ETH/USD is waning within the bullish sector.</p>
<p>Hourly RSI<strong> – </strong>The RSI for ETH/USD has fallen below the midline of 50.</p>
<p>Major Support Level – $3,420</p>
<p>Major Resistance Level – $3,470</p>
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