Ethereum

Resistance

Ethereum price faced rejection and dropped from the $3,650 zone. ETH retested the $3,320 support and might start another increase. 
<ul> 
 <li>Ethereum started another decline and traded below the $3,500 support zone.</li> 
 <li>The price is trading below $3,500 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $3,420 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if it settles above the $3,450 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-dips-again">Ethereum Price Dips Again</h2> 
Ethereum price struggled to continue higher above the $3,650 resistance. ETH faced rejection and started a fresh decline below the $3,550 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dumped-to-66k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a sharp move below the $3,500 and $3,450 levels. Finally, it retested the $3,320 support zone. A low was formed at $3,324 and the price is now attempting a recovery wave. There was a move above the $3,360 level. Ethereum is now trading below $3,500 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-stays-bullish-3550/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. 
On the upside, immediate resistance is near the $3,400 level. It is near the 23.6% Fib retracement level of the downward move from the $3,654 swing high to the $3,324 low. 
The first major resistance is near the $3,420 level and the trend line. The next key resistance sits at $3,450, above which the price might test the 50% Fib retracement level of the downward move from the $3,654 swing high to the $3,324 low. 
The next key resistance is seen near the $3,520 level and the 100-hourly Simple Moving Average, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,650 barrier. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_049d2e.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-600881" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_049d2e.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_049d2e.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_049d2e.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_049d2e.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_049d2e.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_049d2e.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_049d2e.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_049d2e.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> 
If there is a move above the $3,650 resistance, Ethereum could even climb toward the $3,720 resistance. Any more gains might call for a test of $3,880. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,420 resistance, it could continue to move down. Initial support on the downside is near the $3,320 level. 
The first major support is near the $3,250 zone. The next key support could be the $3,220 zone. A clear move below the $3,220 support might send the price toward $3,120. Any more losses might send the price toward the $3,040 level. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $3,320 
Major Resistance Level – $3,420

Ethereum Price Drops To Support, Another Chance To Load ETH?

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