Ethereum

Resistance

Ethereum price rallied toward $3,850 before crashing. ETH followed Bitcoin, but the bulls are now active near the $3,350 support zone. 
<ul> 
 <li>Ethereum traded to a new multi-month high above $3,800 before crashing.</li> 
 <li>The price is trading near $3,500 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a key bullish trend line with support at $3,620 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could resume its increase if it clears the $3,600 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-takes-major-hit">Ethereum Price Takes Major Hit</h2> 
Ethereum price <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-follows-bitcoin-4k/" target="_blank" rel="noopener ">extended its rally</a> above the $3,650 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-crashes-60k/" target="_blank" rel="noopener ">Bitcoin</a>. BTC surged and even traded to a new all-time high above $69,000. ETH also cleared the $3,800 level before the bears appeared. 
There was a strong bearish reaction from the $3,827 high. The price crashed over $500 and traded toward the $3,200 support. There was a break below a key bullish trend line with support at $3,620 on the hourly chart of ETH/USD. 
A low was formed at $3,211 and the price is now attempting a fresh increase. There was a move above the $3,500 level. The price climbed above the 50% Fib retracement level of the downward move from the $3,827 swing high to the $3,211 low. Ethereum is now trading near $3,500 and the 100-hourly Simple Moving Average. 
Immediate resistance on the upside is near the $3,550 level. The first major resistance is near the $3,600 level or the 61.8% Fib retracement level of the downward move from the $3,827 swing high to the $3,211 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_2c8665.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-596468" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_2c8665.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_2c8665.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_2c8665.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_2c8665.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_2c8665.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_2c8665.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_2c8665.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_2c8665.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener nofollow">ETHUSD on TradingView.com</a> 
The next major resistance is near $3,680, above which the price might gain bullish momentum. &nbsp;The next stop for the bulls could be near the $3,820 level. If there is a move above the $3,820 resistance, Ether could even rally toward the $3,950 resistance. Any more gains might call for a test of $4,000. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,600 resistance, it could start another downside correction. Initial support on the downside is near the $3,440 level. 
The first major support is near the $3,400 zone. The next key support could be the $3,340 zone. A clear move below the $3,340 support might send the price toward $3,220. Any more losses might send the price toward the $3,120 level. 
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 below the 50 level. 
Major Support Level – $3,400 
Major Resistance Level – $3,600

Ethereum Price Drops Over 10% But Bulls Are Not Done Yet

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