Ethereum

Bitcoin

Resistance

Ethereum price recovered above the $2,920 resistance. ETH is trailing Bitcoin and might struggle to continue higher above the $3,050 resistance. 
<ul> 
 <li>Ethereum started a recovery wave and even climbed above $3,000.</li> 
 <li>The price is trading above $2,950 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $2,900 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could now struggle to clear the $3,040 and $3,050 resistance levels.</li> 
</ul> 
<h2 id="ethereum-price-recovers-nearly-5">Ethereum Price Recovers Nearly 5%</h2> 
Ethereum price remained stable above the $2,860 support zone and started a fresh increase. ETH gained nearly 5% but less than <a href="https://www.newsbtc.com/analysis/btc/bitcoin-breaks-free-63500/" target="_blank" rel="noopener ">Bitcoin</a>. There was a break above a key bearish trend line with resistance at $2,900 on the hourly chart of ETH/USD. 
The bulls pumped the price above the $2,950 and $3,000 levels. A new weekly high was formed at $3,039 and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the recent wave from the $2,860 swing low to the $3,039 high. 
Ethereum is still well above $2,950 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-break-2925/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. Immediate resistance is near the $3,040 level. The first major resistance is near the $3,050 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_5331ff.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-608294 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_5331ff.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_5331ff.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_5331ff.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_5331ff.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_5331ff.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_5331ff.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_5331ff.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_5331ff.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
An upside break above the $3,050 resistance might send the price higher. The next key resistance sits at $3,150, above which the price might gain traction and rise toward the $3,220 level. If there is a clear move above the $3,220 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="are-dips-supported-in-eth">Are Dips Supported In ETH?</h2> 
If Ethereum fails to clear the $3,050 resistance, it could start a downside correction. Initial support on the downside is near the $3,000 level. The first major support is near the $2,950 zone or the 50% Fib retracement level of the recent wave from the $2,860 swing low to the $3,039 high. 
The next support is near the $2,930 level. A clear move below the $2,930 support might push the price toward $2,900. Any more losses might send the price toward the $2,860 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 above the 50 level. 
Major Support Level – $2,950 
Major Resistance Level – $3,050

Ethereum Price Recovery Trails Behind Bitcoin’s Surge in Crypto Rebound

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