Key Highlights
- Ethereum gained over 25% and tested the $3,850 resistance zone.
- ETH is now well above a connecting bullish trend line with support at $3,150 on the daily chart.
- Bitcoin price is consolidating gains below the $120,000 resistance.
- XRP rallied toward the $3.65 resistance before trimming some gains.
Ethereum Technical Analysis
Ethereum started a major increase above the $2,650 and $2,800 resistance levels. ETH cleared the $3,000 barrier and rallied above $3,500 before facing hurdles.
Looking at the daily chart, the price settled above the $3,500 level and the 100-day simple moving average (red). A high was formed at $3,856 and the price is now consolidating gains. On the downside, Ethereum might find support near the $3,500 level.
The next major support is $3,450 or the 23.6% Fib retracement level of the upward move from the $2,108 swing low to the $3,856 high, below which the price could slide toward $3,200.
There is also a connecting bullish trend line forming with support at $3,150 on the same chart. Any more losses might call for a move toward the $3,000 level or the 50% Fib retracement level of the upward move from the $2,108 swing low to the $3,856 high.
On the upside, the price is facing hurdles near the $3,800 level. The next major resistance is near the $3,850 level. A daily close above the $3,850 resistance zone could start another steady increase. In the stated case, the price may perhaps rise toward the $4,000 level. The next stop for the bulls may perhaps be $4,200.
Looking at Bitcoin, there was a steady increase above the $118,000 level but the bulls struggled to keep the price above the $120,500 level.
Economic Releases
- US Manufacturing PMI for July 2025 (Preliminary) – Forecast 52.5, versus 52.0 previous.
- US Services PMI for July 2025 (Preliminary) – Forecast 53.0, versus 52.9 previous.
- US Initial Jobless Claims – Forecast 227K, versus 221K previous.
