Ethereum

Rally

Resistance

Ethereum price started a recovery wave from the $2,820 zone. ETH is rising and now facing a major hurdle near the 100-hourly simple moving average. 
<ul> 
 <li>Ethereum found support at $2,820 and started a recovery wave.</li> 
 <li>The price is trading below $3,050 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh decline if it fails to clear the $3,050 resistance.</li> 
</ul> 
<h2 id="ethereum-price-faces-key-hurdle">Ethereum Price Faces Key Hurdle</h2> 
Ethereum price extended losses below the $3,000 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-60k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH even tested the $2,820 support zone. A low was formed at $2,813 and the price started a recovery wave. 
There was a decent move above the $2,880 and $2,950 resistance levels. The price cleared the 23.6% Fib retracement level of the downward move from the $3,355 swing high to the $2,813 low. Besides, there was a break above a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-revisits-2800/" target="_blank" rel="noopener ">key bearish trend line</a> with resistance at $3,000 on the hourly chart of ETH/USD. 
However, the bears are active near the 100-hourly Simple Moving Average. Ethereum is now trading below $3,030 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,030 level. The first major resistance is near the $3,050 level. 
The next key resistance sits at $3,085 or the 50% Fib retracement level of the downward move from the $3,355 swing high to the $2,813 low, above which the price might gain traction and rise toward the $3,150 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_bd6fa1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-606335" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_bd6fa1.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_bd6fa1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_bd6fa1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_bd6fa1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_bd6fa1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_bd6fa1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_bd6fa1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_bd6fa1.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> 
If the bulls remain in action and push the price above $3,150, there could be a drift toward the $3,250 resistance. Any more gains could send Ether toward the $3,350 resistance zone. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,050 resistance, it could start another decline. Initial support on the downside is near the $2,940 level. The first major support is near the $2,880 zone. 
The main support is near the $2,820 level. A clear move below the $2,820 support might push the price toward $2,740. Any more losses might send the price toward the $2,650 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $2,940 
Major Resistance Level – $3,050

Ethereum Price Could Rally If It’s Able To Reclaims The 100 SMA

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