Ethereum

Resistance

Ethereum price struggled to recover above $3,350 and corrected gains. ETH is consolidating near $3,200 and facing many hurdles. 
<ul> 
 <li>Ethereum started another decline and tested the $3,120 zone.</li> 
 <li>The price is trading below $3,220 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a short-term rising channel 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 down if it trades below the $3,170 support.</li> 
</ul> 
<h2 id="ethereum-price-faces-uphill-task">Ethereum Price Faces Uphill Task</h2> 
Ethereum price failed to settle above the $3,250 level and started another decline, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-bounces-back-64500/" target="_blank" rel="noopener ">Bitcoin</a>. ETH traded below the $3,200 level and even spiked below $3,120. A low was formed at $3,113 and the price is now consolidating. 
There was a minor increase above the $3,200 level. The price broke the 23.6% Fib retracement level of the recent decline from the $3,355 swing high to the $3,113 low. However, the bears were active near the $3,240 and $3,250 levels. 
The 50% Fib retracement level of the recent decline from the $3,355 swing high to the $3,113 low acted as a hurdle. There was a fresh decline below the $3,200 level. Ethereum is now trading below $3,200 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-reverse-gains-3220/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. 
There is also a short-term rising channel forming with support at $3,170 on the hourly chart of ETH/USD. Immediate resistance is near the $3,200 level and the 100-hourly Simple Moving Average. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_1ace78.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-605715" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_1ace78.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_1ace78.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_1ace78.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_1ace78.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_1ace78.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_1ace78.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_1ace78.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_1ace78.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 $3,240 level. The next key resistance sits at $3,300, above which the price might gain traction and rise toward the $3,350 level. A close above the $3,350 resistance could send the price toward the $3,450 resistance. If there is a move above the $3,450 resistance, Ethereum could even test the $3,550 resistance. Any more gains could send Ether toward the $3,620 resistance zone. 
<h2 id="more-downsides-in-eth">More Downsides In ETH?</h2> 
If Ethereum fails to clear the $3,250 resistance, it could continue to move down. Initial support on the downside is near the $3,170 level and the channel zone. The first major support is near the $3,120 zone. 
The main support is near the $3,070 level. A clear move below the $3,070 support might push 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 – $3,170 
Major Resistance Level – $3,250

Ethereum Price Topside Bias Vulnerable If It Continues To Struggle Below $3.5K

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