Dear Friends,

In the crypto industry, the hot topic and the high expectation is on Ethereum due to the approval of ETH ETF.

It is highly anticipated that once ETH ETF started to trade, the Bitcoin dominance would greatly come down and it will pave a way for ETH and other alt coins to go higher. And it is all expected in 2 weeks time from now.

Currently we have witnessed a dump in the markets and the crypto market has slowly in the phase of its recovery. 

If we see the ETH to go higher, with the analysis of its chart, it is not that much easy.

Currently ETH is trading at $ 3384 ( -0.14% from yesterday).

The global crypto market cap is valued at $2.26 Trillion, a 0.82% decrease from yesterday. 

The fear greed index is at 45 which is signaling neutral.

We have witnessed that ETH price line started a good recovery wave above the $3,328 level, which was the low witnessed on 26 June 2024.

ETH price now has moved above the $3,350 level but struggles to break the $3420 level. The bears were highly active near $3,420. A high was formed at $3,426 and the price corrected sharply as we have witnessed in BTC price. 

Currently ETH is trading at a crucial level at this point in time. The slipping of price below the $3,380 level would be a much dragging factor for ETH is concerned.

The price dipped below the 23.6% Fib retracement level of the upward move from the $3,230 swing low to the $3,426 high.

At present the bulls are now trying to protect the ETH price not to move downsides below the $3,320 level.

But we should all understand that ETH is still trading below $3,400 and its 100-hourly Simple Moving Average.

On the upside, the price is facing major hurdles near to the trend line of $3,400. We could also see there is also a connecting bearish trend line forming with resistance near $3,400 on the hourly chart of ETH/USD.

ETH would face the next key resistances at the levels of $ 3620, $3680, $3720 and $3880 ahead in its upward price movement. 

But, ETH fails to cross $3400 resistance level, it will fell to $3350, 3320 also in the near time. 

The Technical Indicators are also not much encouraging for ETH as of now.

So, make a careful mov in ETH.

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