Ethereum

Resistance

Ethereum price tested the $3,040 zone and corrected gains. ETH is now testing the $2,925 support and might aim for a fresh increase. 
<ul> 
 <li>Ethereum started a downside correction after the bears defended $3,040.</li> 
 <li>The price is trading below $2,960 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $2,965 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh increase unless there is a close below the $2,925 support.</li> 
</ul> 
<h2 id="ethereum-price-dips-again">Ethereum Price Dips Again</h2> 
Ethereum price started a fresh increase above the $2,950 and $2,960 levels, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-65k-3/" target="_blank" rel="noopener ">Bitcoin</a>. ETH even cleared the $3,000 level before the bears appeared near $3,040. 
A new weekly high was formed at $3,039 and the price recently started a downside correction. There was a move below the $3,000 level. Ether dipped below the 50% Fib retracement level of the upward move from the $2,860 swing low to the $3,039 high. 
Ethereum is now trading below $2,960 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-recovery-trails-bitcoin/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. However, the bulls are active near the $2,925 support and the 61.8% Fib retracement level of the upward move from the $2,860 swing low to the $3,039 high. 
Immediate resistance is near the $2,960 level. There is also a connecting bearish trend line forming with resistance at $2,965 on the hourly chart of ETH/USD. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_8dc84d.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-608496 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_8dc84d.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_8dc84d.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_8dc84d.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_8dc84d.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_8dc84d.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_8dc84d.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_8dc84d.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_8dc84d.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first major resistance is near the $3,000 level. An upside break above the $3,000 resistance might send the price higher. The next key resistance sits at $3,050, 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 $2,965 resistance and the trend line, it could continue to move down. Initial support on the downside is near the $2,925 level. 
The next major support is near the $2,900 zone. A clear move below the $2,900 support might push the price toward $2,850. Any more losses might send the price toward the $2,740 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 – $2,925 
Major Resistance Level – $2,965

Ethereum Price Undergoes Technical Correction: Market Adjusts After Recent Increase

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