Ethereum price analysis 📉

Ethereum rallied 56% in nearly three weeks, between July 8 and 28, hitting $3,941, just shy of the $4,000, psychologically important level. Ethereum’s rally could hit pause before another leg up, according to key momentum indicators on the daily timeframe.

The December 2024 peak of $4,107 is a key level that Ethereum could re-test if the altcoin extends its gains. ETH is currently less than 10% away from the $4,100 level.

The previous all-time high is $4,878 and the $4,500 level is a key resistance on the path to a re-test of the important price levels.

The MACD flashes a red histogram bar below the neutral line, which implies the underlying momentum in the Ethereum price trend is negative. RSI reads 72, and once the indicator slips under 70, it will generate a sell signal.
In the event of a correction, Ethereum could find support at $3,466 and $3,066, S1 and S2 on the daily price chart.
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