{"id":117135,"date":"2024-06-25T13:44:28","date_gmt":"2024-06-25T10:44:28","guid":{"rendered":"https:\/\/cryptodnes.bg\/eng\/?p=117135"},"modified":"2024-06-25T20:10:52","modified_gmt":"2024-06-25T17:10:52","slug":"ethereum-may-have-bottomed-out-is-it-time-for-recovery","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/ethereum-may-have-bottomed-out-is-it-time-for-recovery\/","title":{"rendered":"Ethereum May Have Bottomed Out &#8211; is it Time for Recovery?"},"content":{"rendered":"<p>ETH tested support at $3,240 and is now poised for a potential rally above resistance at $3,380.<\/p>\n<p>The price of <a href=\"https:\/\/cryptodnes.bg\/kripto-valuti\/ethereum\/\"><b><strong>Ethereum<\/strong><\/b><\/a><b> <\/b>has encountered difficulty for a new advance above the $3,500 area. Following <a href=\"https:\/\/cryptodnes.bg\/kripto-valuti\/bitcoin\/\"><b><strong>Bitcoin\u2019<\/strong><\/b><\/a>s bearish trend, ETH dropped below $3,350 and bears pushed it below the $3,320 support level.<\/p>\n<p>A low of $3,230 was established and the price is now correcting its losses. There is a minor upside move above the $3,300 and $3,320 levels. The value of the altcoin has climbed above the 23.6% Fib retracement level of the recent decline, moving from a high of $3,517 to a low at $3,230.<\/p>\n<p>At the time of writing, Ethereum is trading below $3,400 and the 100-hour simple moving average. On the upside, resistance could be encountered near the $3,375 level or the 50% Fib retracement level.<\/p>\n<p>The first significant resistance is near the $3,450 level. In addition, a key bearish trend line is forming on the hourly chart of ETH\/USD with resistance around $3,440. At the time of writing, the altcoin price is hovering around $3,370.<\/p>\n<h2><b>Potential upside and key resistances<\/b><\/h2>\n<p>If ETH manages to break above the $3,540 resistance, it could head higher. The next key resistance is at the $3,620 level, which if overcome, could lead to a price rise towards the $3,650 level. Further gains could push the cryptocurrency towards the $3,720 resistance zone in the coming days.\u00a0<img decoding=\"async\" class=\"alignnone wp-image-117136 size-full\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2024\/06\/Screenshot-2024-06-25-at-20.04.53.png\" alt=\"\" width=\"1808\" height=\"896\" srcset=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2024\/06\/Screenshot-2024-06-25-at-20.04.53.png 1808w, https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2024\/06\/Screenshot-2024-06-25-at-20.04.53-300x149.png 300w, https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2024\/06\/Screenshot-2024-06-25-at-20.04.53-1024x507.png 1024w, https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2024\/06\/Screenshot-2024-06-25-at-20.04.53-768x381.png 768w, https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2024\/06\/Screenshot-2024-06-25-at-20.04.53-1536x761.png 1536w\" sizes=\"(max-width: 1808px) 100vw, 1808px\"><\/p>\n<h2><b>Potential for a new decline<\/b><\/h2>\n<p>If Ethereum fails to overcome the $3,450 resistance level, it could face another decline. Initial downside support is near $3,325 and the first major support is around the $3,240 area.<\/p>\n<p>A clear move below the $3,240 support could see the price fall to $3,200. Any further losses could bring the price to the $3,120 level in the short term.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The value of Ethereum continued to fall, dropping below the support level of $3,320.<\/p>\n","protected":false},"author":3,"featured_media":112073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[24],"tags":[72,271,108],"coin_category":[],"class_list":["post-117135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","tag-bitcoin","tag-ethereum","tag-price"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ethereum May Have Bottomed Out - is it Time for Recovery?<\/title>\n<meta name=\"description\" content=\"The value of Ethereum continued to fall, dropping 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