Ethereum price started a recovery wave from the $3,230 zone. ETH climbed above $3,350, but it now faces strong resistance at $3,420.

• Ethereum started an upside correction from the $3,240 support zone.
• The price is trading below $3,420 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must clear the $3,420 and $3,450 resistance levels to continue higher.

Ethereum Price Eyes Recovery

Ethereum price extended losses and traded below the $3,350 zone. ETH even tested the $3,240 support zone before it started a recovery wave like Bitcoin. There was a decent increase above the $3,300 and $3,320 levels.

The bulls pushed the price above $3,350. It even spiked above the 61.8% Fib retracement level of the downward move from the $3,518 swing high to the $3,230 low. However, the price seems to be facing strong resistance near the $3,420 zone.

There is also a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD. Ethereum is still trading below $3,420 and the 100-hourly Simple Moving Average.

On the upside, the price is facing hurdles near the trend line and $3,420. The first major resistance is near the $3,450 level. It is close to the 76.4% Fib retracement level of the downward move from the $3,518 swing high to the $3,230 low.

A close above the $3,450 level might send Ethereum toward the $3,520 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher. The next key resistance sits at $3,620, above which the price might gain traction and rise toward the $3,650 level. Any more gains could send Ether toward the $3,720 resistance zone.

Another Drop In ETH?

If Ethereum fails to clear the $3,420 resistance, it could start another decline. Initial support on the downside is near $3,375. The first major support sits near the $3,350 zone.

A clear move below the $3,350 support might push the price toward $3,280. Any more losses might send the price toward the $3,240 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,300

Major Resistance Level – $3,420

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• New MAGA Puss memecoin launches during intense US election campaign, which some analysts believe could continue to drive viral growth for tokens that tap into political narratives
• New coin aims to follow in footsteps of $TRUMP and $TREMP, which recorded gains of 9,500% and 770% respectively
• $PUSS also taps into cat meme narratives, which have pushed the $MOG memecoin to 8,000% gains and a $500 million market cap.

With the looming US election driving many PolitiFi memecoins to clock up remarkable gains, MAGA Puss ($PUSS) is a new politically-inspired Solana memecoin that aims to tap into these viral narratives in a bid to ‘meow America great again’. 

It launches on Pump.Fun today. 

The PolitiFi token, $TRUMP, recorded gains of 9,500% between January and June of this year, according to data from Coinmarketcap, while its Solana-based political cousin, $TREMP, rose by 770% in less than a month. 

$PUSS taps into the same political narrative – and combines it with the cat meme narrative that has been taking the memecoin space by storm recently.

The $POPCAT token has risen by over 2,600% since January, while $MOG has recorded an even more impressive 8,700% gain in the same timeframe. 

Launch Details

MAGA Puss is set to launch with 100% of its Liquidity Pool (LP) burned, ensuring stability and trust among investors. The token will be listed on Pump.Fun, a platform known for hosting some of the most promising memecoins. 

The LP event on June 26, 2024 marks the official start of MAGA Puss’s journey, aiming to attract a community of patriots who love both cats and Trump memes.

Why Solana?

The choice of the Solana blockchain is a strategic one. 

Known for its speed, reliability, and low transaction costs, Solana provides an ideal platform for a memecoin aiming for rapid adoption and viral growth. To quote the Maga Puss developers, “every good country-loving, god-fearing American can join the MAGA Puss journey, thanks to Solana’s accessible and efficient blockchain”.

So, should you ‘‘Grab ‘em by the $PUSS’’?

It’s certainly worth a punt, because MAGA Puss could see its growth trajectory driven by not one, but two dominant metanarratives at the very same time. It’s well positioned to capitalize on the political fervor of the upcoming US election, even as the viral popularity of cat memes could help it break through potential resistance levels. 

The judge who loosened Donald Trump’s gag order yesterday could also help push this memecoin higher, considering how much Donald Trump enjoys exercising that freedom of speech.

Given those tailwinds, a growing number of analysts are predicting that $PUSS could graduate from Pump.Fun on the first day of trading and reach a market cap of $500,000 in as little as two weeks.