Ethereum

Resistance

Ethereum price extended its recovery wave above the $3,120 zone. ETH failed to surpass the $3,220 resistance and is currently trimming gains. 
<ul> 
 <li>Ethereum climbed further above the $3,150 and $3,200 levels before the bears appeared.</li> 
 <li>The price is trading below $3,120 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a major bullish trend line with support at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair must stay above the $3,020 support to start another increase toward $3,220.</li> 
</ul> 
<h2 id="ethereum-price-dips-again">Ethereum Price Dips Again</h2> 
Ethereum price climbed further above the $3,150 and $3,200 levels, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-uptrend-65500/" target="_blank" rel="noopener ">Bitcoin</a>. ETH tested the $3,220 resistance zone before the bears appeared. A high was formed at $3,217 and the price started a downside correction. 
There was a move below the $3,150 level. The bears pushed it below the $3,120 support. Besides, there was a break below a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-reclaims-100-sma-but-bulls-still-lack-strength-to-clear-hurdles/" target="_blank" rel="noopener ">major bullish trend line</a> with support at $3,120 on the hourly chart of ETH/USD. The pair tested the $3,025 zone. 
A low was formed at $3,025 and the price is now consolidating losses. Ethereum is trading below $3,120 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,070 level or the 23.6% Fib retracement level of the recent decline from the $3,217 swing high to the $3,025 low. 
The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent decline from the $3,217 swing high to the $3,025 low. The next key resistance sits at $3,170, above which the price might gain traction and rise toward the $3,220 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ed587f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-606827" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ed587f.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ed587f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ed587f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ed587f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ed587f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ed587f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ed587f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ed587f.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 $3,220, there could be a drift toward the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,120 resistance, it could start another decline. Initial support on the downside is near the $3,025 level. The first major support is near the $3,000 zone. 
The main support is near the $2,950 level. A clear move below the $2,950 support might push the price toward $2,820. 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 bullish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $3,025 
Major Resistance Level – $3,120

Ethereum Price Recovery In Jeopardy? Decoding Major Hurdles To Upside Continuation

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