Ethereum

Resistance

Ethereum price is correcting gains from the $3,220 resistance. ETH could start a fresh increase if it clears the $3,055 and $3,080 resistance levels. 
<ul> 
 <li>Ethereum started a fresh decline after it faced resistance near $3,220.</li> 
 <li>The price is trading below $3,100 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance at $3,055 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair must stay above the $3,000 support to start another increase toward $3,220.</li> 
</ul> 
<h2 id="ethereum-price-revisits-3k">Ethereum Price Revisits $3K</h2> 
Ethereum price faced resistance at $3,220 and started a downside correction, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-63500/" target="_blank" rel="noopener ">Bitcoin</a>. ETH declined below the $3,120 and $3,080 levels. It even tested the $3,000 support. 
A low was formed at $3,005 and the price is now <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-recovery-3125/" target="_blank" rel="noopener ">consolidating losses</a>. Ethereum is trading below $3,100 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,050 level or the 23.6% Fib retracement level of the recent drop from the $3,217 swing high to the $3,005 low. 
There is also a key bearish trend line forming with resistance at $3,055 on the hourly chart of ETH/USD. The first major resistance is near the $3,080 level or the 100-hourly Simple Moving Average. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_b3777a.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-606978" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_b3777a.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_b3777a.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_b3777a.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_b3777a.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_b3777a.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_b3777a.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_b3777a.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_b3777a.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 $3,120 or the 61.8% Fib retracement level of the recent drop from the $3,217 swing high to the $3,005 low, above which the price might gain traction and rise toward the $3,200 level. If there is a clear move above the $3,200 level, the price might rise and test 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 $3,055 resistance, it could start another decline. Initial support on the downside is near the $3,000 level. The first major support is near the $2,950 zone. 
The next support is near the $2,920 level. A clear move below the $2,920 support might push the price toward $2,840. Any more losses might send the price toward the $2,720 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 below the 50 level. 
Major Support Level – $3,000 
Major Resistance Level – $3,080

Ethereum Price May Have Another Chance For A Bullish Streak: Here’s How

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