Ethereum

Resistance

Ethereum price is struggling to recover above the $3,360 resistance zone. ETH is now showing signs of more losses below the $3,300 and $3,250 levels. 
<ul> 
 <li>Ethereum is facing many hurdles near the $3,350 and $3,360 levels.</li> 
 <li>The price is trading below $3,350 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a rising channel with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend losses if there is a close below the $3,200 support zone.</li> 
</ul> 
<h2 id="ethereum-price-signals-downside">Ethereum Price Signals Downside</h2> 
Ethereum price traded below the $3,300 level before the bulls appeared. ETH traded as low as $3,215 before there was a minor recovery wave, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-struggle-67k/" target="_blank" rel="noopener ">Bitcoin</a>. The price climbed above the $3,250 and $3,280 levels. 
There was a move above the 23.6% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low. However, the bears were active near the $3,360 resistance. The bulls struggled and the price reacted to the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-uptrend-3320/" target="_blank" rel="noopener ">downside</a>. 
There was a break below a rising channel with support at $3,320 on the hourly chart of ETH/USD. Ethereum is now trading below $3,300 and the 100-hourly Simple Moving Average. 
Immediate resistance is near the $3,300 level. The first major resistance is near the $3,360 level. The next key resistance sits at $3,435 or the 50% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low, above which the price might test the $3,500 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_917ef9.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-601340" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_917ef9.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_917ef9.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_917ef9.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_917ef9.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_917ef9.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_917ef9.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_917ef9.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_917ef9.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 key resistance is seen near the $3,550 level, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,650 zone. If there is a move above the $3,650 resistance, Ethereum could even rise toward the $3,750 resistance. Any more gains might call for a test of $3,800. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,360 resistance, it could continue to move down. Initial support on the downside is near the $3,240 level. 
The first major support is near the $3,215 zone. The next key support could be the $3,200 zone. A clear move below the $3,200 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 gaining momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $3,215 
Major Resistance Level – $3,360

Ethereum Price Fails Again, Signs Of More Losses Below $3,300

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