Ethereum

Shift

Resistance

Ethereum price is eyeing an upside break above the $2,900 level. ETH must settle above $2,900 and $2,940 to continue higher in the near term. 
<ul> 
 <li>Ethereum is forming a base above the $2,860 support zone.</li> 
 <li>The price is trading below $2,950 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance at $2,905 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a decent increase if there is a close above the $2,940 and $2,950 resistance levels.</li> 
</ul> 
<h2 id="ethereum-price-eyes-fresh-increase">Ethereum Price Eyes Fresh Increase</h2> 
Ethereum price struggled to settle above the $3,000 level and started another decline, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-holds-firm-61000/" target="_blank" rel="noopener ">Bitcoin</a>. ETH traded below the $2,950 and $2,940 support levels. 
The price even traded below $2,900. However, the bulls were again active near the $2,860 support zone. A low was formed at $2,860 and the price is now consolidating losses. It is slowly moving higher above the $2,885 level. 
Ethereum is now trading below $2,950 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-repeat-3200/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. Immediate resistance is near the $2,900 level. There is also a key bearish trend line forming with resistance at $2,905 on the hourly chart of ETH/USD. The trend line is close to the 23.6% Fib retracement level of the recent decline from the $2,992 swing high to the $2,860 low. 
An upside break above the trend line might send the price toward the $2,925 level and the 100-hourly Simple Moving Average. The first major resistance is near the $2,940 level or the 61.8% Fib retracement level of the recent decline from the $2,992 swing high to the $2,860 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_004772.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-608055" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_004772.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_004772.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_004772.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_004772.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_004772.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_004772.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_004772.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_004772.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 $2,950, above which the price might gain traction and rise toward the $3,000 level. If there is a clear move above the $3,000 level, the price might rise and test the $3,050 resistance. Any more gains could send Ether toward the $3,150 resistance zone. 
<h2 id="another-drop-in-eth">Another Drop In ETH?</h2> 
If Ethereum fails to clear the $2,925 resistance, it could start another decline. Initial support on the downside is near the $2,880 level. 
The first major support is near the $2,860 zone. The next support is near the $2,810 level. A clear move below the $2,810 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 below the 50 level. 
Major Support Level – $2,860 
Major Resistance Level – $2,925

Ethereum Price Anticipates Upside Break To Shift Sentiment Towards Bullish

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