Ethereum

Resistance

Ethereum price started another decline and traded below $2,920. ETH could gain bearish momentum if there is a close below the $2,800 support zone. 
<ul> 
 <li>Ethereum remained in a bearish zone and traded below the $2,900 zone.</li> 
 <li>The price is trading below $2,950 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $3,050 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move down if it stays below the $3,050 resistance.</li> 
</ul> 
<h2 id="ethereum-price-extends-losses">Ethereum Price Extends Losses</h2> 
Ethereum price remained in a bearish zone below the $3,120 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-settles-60k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH traded below the $3,000 level. The bears even pushed the price below the $2,920 level. 
A low was formed at $2,813 and the price is now <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-plunges-2800/" target="_blank" rel="noopener ">consolidating</a>. There was a minor increase above the $2,900 level. The price tested the 23.6% Fib retracement level of the downward wave from the $3,355 swing high to the $2,813 low. However, the bears were active near the $2,950 and $2,965 levels. 
Ethereum is now trading below $3,000 and the 100-hourly Simple Moving Average. Immediate resistance is near the $2,965 level. The first major resistance is near the $3,050 level and the 100-hourly Simple Moving Average. 
There is also a connecting bearish trend line forming with resistance at $3,050 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward wave from the $3,355 swing high to the $2,813 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_2bf544.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-606115" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_2bf544.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_2bf544.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_2bf544.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_2bf544.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_2bf544.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_2bf544.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_2bf544.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_2bf544.png?resize=1024%2C449?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 $3,085, above which the price might gain traction and rise toward the $3,150 level. A close above the $3,150 resistance could send the price toward the $3,250 resistance. If there is a move above the $3,250 resistance, Ethereum could even test the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone. 
<h2 id="more-downsides-in-eth">More Downsides In ETH?</h2> 
If Ethereum fails to clear the $3,050 resistance, it could continue to move down. Initial support on the downside is near the $2,850 level. The first major support is near the $2,820 zone. 
The main support is near the $2,820 level. A clear move below the $2,820 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 – $2,820 
Major Resistance Level – $3,050

Ethereum Price Revisits Key Support, Can Bears Take Over?

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