Ethereum

Resistance

Ethereum price is still consolidating near the $3,000 zone. ETH could start a steady increase if the bulls push the price above the $3,100 resistance. 
<ul> 
 <li>Ethereum is still struggling to recover above the $3,100 resistance zone.</li> 
 <li>The price is trading below $3,100 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could accelerate lower if there is a close below the $2,850 support zone.</li> 
</ul> 
<h2 id="ethereum-price-consolidates">Ethereum Price Consolidates</h2> 
Ethereum price attempted another <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-holds-strong-3k/" target="_blank" rel="noopener ">recovery wave</a> and remained stable above the $3,000 level. However, the bears defended the $3,100 resistance zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-risk-60k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was another decline below $3,000. The price even spiked below the $2,900 support. A low was formed at $2,867 and the price is now recovering losses. It climbed above the 23.6% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low. 
Ethereum is still trading below $3,100 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,020 level. The first major resistance is near the $3,070 level and the 100-hourly Simple Moving Average. 
There is also a key bearish trend line forming with resistance at $3,070 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low. The next key resistance sits at $3,120, above which the price might rise toward the $3,200 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_8463e4.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-603973" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_8463e4.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_8463e4.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_8463e4.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_8463e4.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_8463e4.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_8463e4.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_8463e4.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_8463e4.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 main downtrend resistance sits at $3,280. A close above the $3,280 resistance could send the price toward the $3,350 pivot level. If there is a move above the $3,350 resistance, Ethereum could even climb toward the $3,550 resistance. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,100 resistance, it could start another decline. Initial support on the downside is near the $2,920 level. The first major support is near the $2,850 zone. 
A clear move below the $2,850 support might send the price toward $2,620. Any more losses might send the price toward the $2,550 level in the near term. 
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 – $2,850 
Major Resistance Level – $3,100

Ethereum Price Faces Crucial Test: Will $2,850 Withstand the Pressure?

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