Ethereum

Resistance

Ethereum price is gaining bearish momentum below $2,950. ETH might continue to move down toward the $2,550 support in the near term. 
<ul> 
 <li>Ethereum struggled to clear the $2,950 resistance and started a fresh decline.</li> 
 <li>The price is trading below $2,920 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance at $2,910 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bearish momentum if there is a move below the $2,850 support.</li> 
</ul> 
<h2 id="ethereum-price-extends-losses">Ethereum Price Extends Losses</h2> 
Ethereum price failed to continue higher above the $2,950 resistance, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-bearish-60k/" target="_blank" rel="noopener ">Bitcoin</a>. A high was formed at $2,951 and the price started a fresh decline. There was a steady decline below the $2,920 and $2,900 levels. 
A low has formed at $2,864 and the price is now <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-increase-3080/" target="_blank" rel="noopener ">consolidating losses</a>. It is trading near the 23.6% Fib retracement level of the downward move from the $2,951 swing high to the $2,864 low. Ethereum is now trading below $2,950 and the 100-hourly Simple Moving Average. 
Immediate resistance is near the $2,900 level. The first major resistance is near the $2,920 level or the 50% Fib retracement level of the downward move from the $2,951 swing high to the $2,864 low. 
There is also a key bearish trend line forming with resistance at $2,910 on the hourly chart of ETH/USD. The next key resistance sits at $2,950 and 100-hourly Simple Moving Average, above which the price might gain traction and rise toward the $3,020 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ada553.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-607670" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ada553.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ada553.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ada553.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ada553.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ada553.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ada553.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ada553.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_ada553.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 there is a clear move above the $3,020 level, the price might rise and test the $3,150 resistance. Any more gains could send Ether toward the $3,250 resistance zone. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $2,920 resistance, it could start another decline. Initial support on the downside is near the $2,865 level. The first major support is near the $2,840 zone. 
The next support is near the $2,780 level. A clear move below the $2,780 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 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 – $2,865 
Major Resistance Level – $2,920

Ethereum Price Takes Hit and Turns At Risk of Fresh Lows

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