Ethereum

Resistance

Ethereum price is struggling to recover above the $3,440 resistance zone. ETH is moving lower and might decline further if it clears the $3,250 support. 
<ul> 
 <li>Ethereum is struggling to climb above the $3,370 and $3,440 levels.</li> 
 <li>The price is trading below $3,380 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a major bullish trend line with support at $3,300 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 $3,250 support zone.</li> 
</ul> 
<h2 id="ethereum-price-recovery-fades-again">Ethereum Price Recovery Fades Again</h2> 
Ethereum price attempted a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-fails-again-3300/" target="_blank" rel="noopener ">fresh recovery</a> wave above the $3,300 and $3,320 levels, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-reclaims-67k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH even climbed above the $3,400 level, but the bears were active near the $3,440 zone. 
A high was formed near $3,443 before there was a fresh decline. There was a break below a major bullish trend line with support at $3,300 on the hourly chart of ETH/USD. The price trimmed gains and retested the $3,250 support. The price traded as low as $3,253 and is currently consolidating losses. 
It is trading just above the 23.6% Fib retracement level of the downward wave from the $3,443 swing high to the $3,253 low. However, Ethereum is trading below $3,380 and the 100-hourly Simple Moving Average. 
Immediate resistance is near the $3,320 level. The first major resistance is near the $3,350 level or the 50% Fib retracement level of the downward wave from the $3,443 swing high to the $3,253 low. The next key resistance sits at $3,440, above which the price might test the $3,500 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_0159e7.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-601515" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_0159e7.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_0159e7.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_0159e7.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_0159e7.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_0159e7.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_0159e7.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_0159e7.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_0159e7.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. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,350 resistance, it could continue to move down. Initial support on the downside is near the $3,250 level. 
The first major support is near the $3,220 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 – $3,250 
Major Resistance Level – $3,350

Ethereum Price Faces Crucial Test: Will $3,250 Withstand the Pressure?

Table of Contents

NewsBTC

Other articles published on Apr 5, 2024

Ethereum Classic & Dogecoin Advocates join Kelexo presale

The 2024 Guide to Becoming a Millionaire through Altcoin Investments

Bitcoin Cash Price Passes $700 – Could Bitcoin Minetrix Also Pump This April?

Dogecoin Price Prediction: Will Bulls save the day?

April Raffle Coin Skyrockets Post ETH Whale Investment; SOL Holders Join the Bull Run

Tutorial: How to Mint a Beastie on Arc8

Join our free newsletter for daily crypto updates!