Ethereum

Rally

Resistance

Ethereum price is holding gains above the $3,120 resistance zone. ETH could soon rally if it clears the $3,280 resistance zone. 
<ul> 
 <li>Ethereum extended its increase above the $3,220 resistance zone.</li> 
 <li>The price is trading above $3,165 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support at $3,170 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move up if it clears the $3,280 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-aims-higher">Ethereum Price Aims Higher</h2> 
Ethereum price remained in a positive zone above the $3,000 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-eyes-70k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH extended its increase above the $3,150 and $3,165 resistance levels. It even spiked above the $3,250 resistance. 
It traded to a new weekly high at $3,263 and recently corrected lower. There was a minor decline below the $3,220 level. Ether dipped below the 50% Fib retracement level of the recent wave from the $3,154 swing low to the $3,263 high. 
However, the bulls were active above the $3,200 level. The 61.8% Fib retracement level of the recent wave from the $3,154 swing low to the $3,263 high acted as a support. 
Ethereum is now trading above $3,200 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-reversal-3400/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a key bullish trend line forming with support at $3,170 on the hourly chart of ETH/USD. Immediate resistance is near the $3,250 level. The first major resistance is near the $3,280 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_294fa7.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-604775" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_294fa7.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_294fa7.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_294fa7.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_294fa7.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_294fa7.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_294fa7.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_294fa7.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_294fa7.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 sits at $3,350, above which the price might gain traction and rise toward the $3,500 level. A close above the $3,500 resistance could send the price toward the $3,550 resistance. If there is a move above the $3,550 resistance, Ethereum could even test the $3,750 resistance. Any more gains could send Ether toward the $3,880 resistance zone in the coming days. 
<h2 id="another-drop-in-eth">Another Drop In ETH?</h2> 
If Ethereum fails to clear the $3,280 resistance, it could start a downside correction. Initial support on the downside is near the $3,200 level. The first major support is near the $3,180 zone and the trend line. 
The main support is near the $3,120 level. A clear move below the $3,120 support might increase selling pressure and send the price toward $3,030. Any more losses might send the price toward the $2,850 level in the near term. 
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 – $3,120 
Major Resistance Level – $3,280

Ethereum Price Holds Support – Why ETH Could Soon Rally 5%

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