Ethereum

Resistance

Ethereum price is extended losses and tested the $2,940 support. ETH could start a fresh increase if it clears the $3,000 and $3,030 resistance levels. 
<ul> 
 <li>Ethereum remained in a bearish zone and traded below the $3,000 level.</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 $2,980 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair must stay above the $2,940 support to start another increase toward $3,220.</li> 
</ul> 
<h2 id="ethereum-price-dips-below-3k">Ethereum Price Dips Below $3K</h2> 
Ethereum price remained in a bearish zone and extended losses below the $3,050 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-63500/" target="_blank" rel="noopener ">Bitcoin</a>. ETH bears were able to push the price below the $3,000 level. 
A low was formed at $2,936 and the price is now <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-bullish-3000/" target="_blank" rel="noopener ">consolidating losses</a>. Ethereum is trading below $3,050 and the 100-hourly Simple Moving Average. Recently, there was a break above a key bearish trend line with resistance at $2,980 on the hourly chart of ETH/USD. 
Immediate resistance is near the $3,000 level or the 23.6% Fib retracement level of the recent decline from the $3,218 swing high to the $2,936 low. The first major resistance is near the $3,030 level or the 100-hourly Simple Moving Average. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_37d1c1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-607137" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_37d1c1.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_37d1c1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_37d1c1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_37d1c1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_37d1c1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_37d1c1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_37d1c1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_37d1c1.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 $3,080 or the 50% Fib retracement level of the recent decline from the $3,218 swing high to the $2,936 low, above which the price might gain traction and rise toward the $3,150 level. If there is a clear move above the $3,150 level, the price might rise and test the $3,220 resistance. Any more gains could send Ether toward the $3,350 resistance zone. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,030 resistance, it could start another decline. Initial support on the downside is near the $2,965 level. The first major support is near the $2,940 zone. 
The next support is near the $2,880 level. A clear move below the $2,880 support might push the price toward $2,720. 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 below the 50 level. 
Major Support Level – $2,940 
Major Resistance Level – $3,030

Ethereum Price Looks Ready For Another Leg Higher Over If It Holds Support

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