Ethereum

Resistance

Ethereum price started a downside correction below the $3,880 support. ETH is now testing the $3,760 support and might aim for a fresh increase. 
<ul> 
 <li>Ethereum started another downside correction below the $3,880 zone.</li> 
 <li>The price is trading above $3,750 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $3,880 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could restart its increase unless there is a move below the $3,760 support.</li> 
</ul> 
<h2 id="ethereum-price-dips-to-support">Ethereum Price Dips To Support</h2> 
Ethereum price failed to test the $4,000 resistance zone and started a downside correction, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-struggles-70k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH dipped below the $3,920 and $3,880 support levels. 
There was also a spike below the 50% Fib retracement level of the upward move from the $3,631 swing low to the $3,972 high. Finally, the price dipped below the $3,800 level. However, the bulls were active near the $3,760 support zone. 
The price stayed above the 61.8% Fib retracement level of the upward move from the $3,631 swing low to the $3,972 high. Ethereum price is now trading above $3,750 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-climb-4k/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. 
Immediate resistance is near the $3,880 level. There is also a connecting bearish trend line forming with resistance at $3,880 on the hourly chart of ETH/USD. The first major resistance is near the $3,920 level. An upside break above the $3,920 resistance might send the price higher. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_800fbc.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-610320 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_800fbc.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_800fbc.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_800fbc.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_800fbc.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_800fbc.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_800fbc.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_800fbc.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_800fbc.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance sits at $3,950, 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 $4,150 resistance zone. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,880 resistance, it could continue to move down. Initial support on the downside is near the $3,800 level. 
The next major support is near the $3,760 zone. A clear move below the $3,760 support might push the price toward $3,720. Any more losses might send the price toward the $3,630 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 zone. 
Major Support Level – $3,760 
Major Resistance Level – $3,880

Can Ethereum Price Maintain This Support and Spark a New Increase?

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