Ethereum

Resistance

Ethereum price started another decline and traded below $3,000. ETH must stay above the $2,800 and $2,850 support levels to avoid a major drop. 
<ul> 
 <li>Ethereum started another decline and tested the $2,900 zone.</li> 
 <li>The price is trading below $3,120 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move down if it settles below the $2,850 support.</li> 
</ul> 
<h2 id="ethereum-price-dives-again">Ethereum Price Dives Again</h2> 
Ethereum price struggled to gain pace for a move above the $3,250 level and started another decline, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-nosedives-60k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH traded below the $3,120 level. The bears even pushed the price below the $3,000 level. 
A low was formed at $2,916 and the price is now consolidating. There was a minor increase above the $3,000 level. The price tested the 23.6% Fib retracement level of the downward move from the $3,356 swing high to the $2,916 low. However, the bears were active near the $3,000 and $3,020 levels. 
Ethereum is now trading below $3,120 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-vulnerable-below-3-5k/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. Immediate resistance is near the $3,020 level. The first major resistance is near the $3,120 level and the 100-hourly Simple Moving Average. 
There is also a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $3,356 swing high to the $2,916 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-605910" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum.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 $3,185, above which the price might gain traction and rise toward the $3,250 level. A close above the $3,250 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 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 $3,120 resistance, it could continue to move down. Initial support on the downside is near the $2,940 level and the channel zone. The first major support is near the $2,850 zone. 
The main support is near the $2,800 level. A clear move below the $2,800 support might push the price toward $2,650. Any more losses might send the price toward the $2,540 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 – $2,940 
Major Resistance Level – $3,120

Ethereum Price Plunges Over 5%, Can Bears Push ETH Under $2,800?

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