Ethereum (ETH) Price Analysis: Will Bulls Push Above $3,200?

Ethereum, mirroring the performance of Bitcoin and other top altcoins, is back above $3,000, days after the fall below $2,800.

Ethereum price analysis for July 10 highlights a bullish outlook as the coin recovers from recent losses, now trading above $3,000. A close above $3,200 will be crucial in catalyzing further demand.

Ethereum price analysis: key takeaways

As highlighted in IntoTheBlock’s analysis on July 10, if Ethereum edges above the $3,200 level, it will be a massive development for traders.

When this happens, an estimated two million entities who traded ETH at this price point will be in the money.

Therefore, if prices retest this level, those who went long can exit at break even. Alternatively, other “diamond hands,” expecting more gains on the horizon, can double down and ride the expected leg up.

ETH price now trades above crucial moving averages, including the 50-day EMA at $2,900 and the 100-day EMA at $2,700. A sustained close above these levels will likely bolster the bullish outlook.

On the downside, support is seen at $2,800, followed by $2,500. A breach of these levels will signal a trend continuation to the downside.

Overall, the path of least resistance for Ethereum seems to be upwards. A breach of $3,300 will likely open the door for a move towards $3,700 and later $3,900.

ETH price analysis: further development

As highlighted earlier, a close above $3,200 will be crucial in the short term for ETH price analysis. If this happens, we can expect a wave of buying pressure to propel the coin towards the next resistance zone at $3,700-$3,900.

This zone coincides with a previous area of support and is also where a large number of traders are underwater. Hence, a breakout here will likely face some selling pressure, but if ETH can clear it decisively, we can expect a move towards $4,100 and later new 2024 highs.

On the other hand, if ETH fails to close above $3,200 and reverses recent gains, a drop below $2,800 will signal a trend continuation to the downside. In that event, ETH will likely dump to new multi-week lows, even dropping to $2,500.

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