Ethereum

Resistance

Ethereum price is declining from the $4,080 zone. ETH is now approaching a major support at $3,500 where the bulls might take a stand. 
<ul> 
 <li>Ethereum started a downside correction from the $3,080 zone.</li> 
 <li>The price is trading below $3,800 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance at $3,850 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could resume its increase if it clears the $3,850 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-dips">Ethereum Price Dips</h2> 
Ethereum price failed to stay above the $4,000 resistance zone and started a downside correction, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-slides-68k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH declined below the $3,920 and $3,850 support levels to enter a short-term bearish zone. 
It even spiked below the $3,680 support zone. A low was formed at $3,625 and the price is now consolidating losses. It seems like there is a key bearish trend line forming with resistance at $3,850 on the hourly chart of ETH/USD. 
Ethereum price is now trading below $3,800 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-hurdles-4000/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. On the upside, immediate resistance is near the $3,740 level or the 23.6% Fib retracement level of the recent decline from the $4,083 swing high to the $3,625 low. 
The first major resistance is near the $3,850 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $4,083 swing high to the $3,625 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_81110b.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-597925" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_81110b.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_81110b.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_81110b.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_81110b.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_81110b.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_81110b.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_81110b.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_81110b.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 $3,880, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $4,000 level. If there is a move above the $4,000 resistance, Ethereum could even rise toward the $4,080 resistance. Any more gains might call for a test of $4,150. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,850 resistance, it could continue to move down. Initial support on the downside is near the $3,680 level. 
The first major support is near the $3,600 zone. The next key support could be the $3,500 zone. A clear move below the $3,500 support might send the price toward $3,350. Any more losses might send the price toward the $3,250 level. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $3,600 
Major Resistance Level – $3,850

Ethereum Price Takes Hit, But This Support Could Spark Fresh Increase

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