Ethereum

Resistance

Ethereum price stayed above the $3,400 support zone. ETH is recovering losses, but it must clear $3,600 to continue higher in the near term. 
<ul> 
 <li>Ethereum extended its decline and tested the $3,400 support zone.</li> 
 <li>The price is trading above $3,500 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a connecting bearish trend line with resistance at $3,500 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if it stays above the $3,500 support zone.</li> 
</ul> 
<h2 id="ethereum-price-aims-higher">Ethereum Price Aims Higher</h2> 
Ethereum price <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-trims-gains-3500/" target="_blank" rel="noopener ">extended its decline</a> below the $3,500 level. ETH even spiked below the $3,450 support before the bulls appeared. The price traded as low as $3,408 and recently started a recovery wave, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-attractive-70k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move above the $3,500 resistance zone. The price climbed and tested the 50% Fib retracement level of the downward move from the $3,726 swing high to the $3,408 low. Besides, there was a break above a connecting bearish trend line with resistance at $3,500 on the hourly chart of ETH/USD. 
Ethereum is now trading near $3,500 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,600 level or the 61.8% Fib retracement level of the downward move from the $3,726 swing high to the $3,408 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_cd3338.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-602615" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_cd3338.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_cd3338.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_cd3338.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_cd3338.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_cd3338.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_cd3338.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_cd3338.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_cd3338.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 first major resistance is near the $3,650 level. The next key resistance sits at $3,725, above which the price might test the $3,780 level. The key hurdle could be $3,800, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,880 zone. If there is a move above the $3,880 resistance, Ethereum could even rise toward the $4,000 resistance. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,600 resistance, it could start another decline. Initial support on the downside is near the $3,520 level. 
The first major support is near the $3,500 zone. The next key support could be the $3,400 zone. A clear move below the $3,400 support might send the price toward $3,320. Any more losses might send the price toward the $3,240 level. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $3,520 
Major Resistance Level – $3,600

Ethereum Price Prints Bullish Pattern, Why Close Above $3,600 Is Critical

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