Ethereum

Bitcoin

Resistance

Gains

Ethereum price dipped sharply after it rallied toward $3,940. ETH is now consolidating near $3,850 and is eyeing more upsides in the near term. 
<ul> 
 <li>Ethereum started a consolidation after it rallied toward the $3,940 resistance zone.</li> 
 <li>The price is trading above $3,720 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support at $3,720 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move up unless there is a break below the $3,620 support.</li> 
</ul> 
<h2 id="ethereum-price-eyes-more-gains">Ethereum Price Eyes More Gains</h2> 
Ethereum price extended its increase above the $3,700 and $3,750 resistance levels. ETH outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-68250/" target="_blank" rel="noopener ">Bitcoin</a> and even climbed above the $3,880 level. A new weekly high was formed at $3,943 before there was a sharp decline. 
The price dived below the $3,800 and $3,750 levels. A low was formed at $3,530 level and the price recovered most losses. It is back above the 50% Fib retracement level of the downward move from the $3,943 swing high to the $3,530 low. 
Ethereum is now trading above $3,720 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-consolidates-3650/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a key bullish trend line forming with support at $3,720 on the hourly chart of ETH/USD. 
Immediate resistance is near the $3,845 level or the 76.4% Fib retracement level of the downward move from the $3,943 swing high to the $3,530 low. The first major resistance is near the $3,880 level. An upside break above the $3,880 resistance might send the price higher. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_457448.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-609584 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_457448.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_457448.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_457448.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_457448.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_457448.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_457448.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_457448.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_457448.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance sits at $3,940, above which the price might gain traction and rise toward the $4,000 level. If there is a clear move above the $4,000 level, the price might rise and test the $4,080 resistance. Any more gains could send Ether toward the $4,200 resistance zone. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,840 resistance, it could start another downside correction. Initial support on the downside is near the $3,720 level and the trend line. 
The next major support is near the $3,620 zone. A clear move below the $3,620 support might push the price toward $3,550. Any more losses might send the price toward the $3,390 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is still above the 50 zone. 
Major Support Level – $3,720 
Major Resistance Level – $3,880

Ethereum Price Dips, Then Rips: Exciting Trading Opportunities Ahead

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