Ethereum

Bitcoin

Resistance

Gains

Ethereum price rallied above the $3,300 level. ETH tested the $3,350 resistance and recently started a sharp decline below $3,300. 
<ul> 
 <li>Ethereum rallied toward $3,350 before the bears appeared again.</li> 
 <li>The price is trading below $3,220 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a key bullish trend line with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move down if it trades below the $3,165 support.</li> 
</ul> 
<h2 id="ethereum-price-trims-gains">Ethereum Price Trims Gains</h2> 
Ethereum price started a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-faces-test-3200/" target="_blank" rel="noopener ">strong increase</a> above the $3,200 level. ETH outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-grinds-lower-62k/" target="_blank" rel="noopener ">Bitcoin</a> and even cleared the $3,300 resistance. However, the bears were active near the $3,350 level. 
A high was formed at $3,355 and the price started a fresh decline. There was a sharp move below the $3,300 level. The price declined below the 50% Fib retracement level of the upward move from the $3,070 swing low to the $3,355 high. 
There was also a break below a key bullish trend line with support at $3,250 on the hourly chart of ETH/USD. Ethereum is now trading below $3,220 and the 100-hourly Simple Moving Average. 
However, the bulls are active near the $3,165 support and the 61.8% Fib retracement level of the upward move from the $3,070 swing low to the $3,355 high. Immediate resistance is near the $3,210 level and the 100-hourly Simple Moving Average. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_9a5aa5.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-605513" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_9a5aa5.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_9a5aa5.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_9a5aa5.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_9a5aa5.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_9a5aa5.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_9a5aa5.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_9a5aa5.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_9a5aa5.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 $3,250 level. The next key resistance sits at $3,350, above which the price might gain traction and rise toward the $3,465 level. A close above the $3,465 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 $3,680 resistance. Any more gains could send Ether toward the $3,750 resistance zone. 
<h2 id="more-downsides-in-eth">More Downsides In ETH?</h2> 
If Ethereum fails to clear the $3,210 resistance, it could continue to move down. Initial support on the downside is near the $3,180 level. The first major support is near the $3,165 zone. 
The main support is near the $3,070 level. A clear move below the $3,070 support might set the pace for more losses and send the price toward $3,030. Any more losses might send the price toward the $2,880 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 – $3,165 
Major Resistance Level – $3,210

Ethereum Price Reverse Gains, Can ETH Bulls Save The Day?

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