Ethereum

Resistance

Ethereum price extended its downside correction below the $3,800 support. ETH is now approaching the $3,720 support and might aim for a fresh increase. 
<ul> 
 <li>Ethereum extended its decline after it failed to stay above the $3,880 zone.</li> 
 <li>The price is trading below $3,880 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance at $3,800 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move down if it breaks the $3,720 support.</li> 
</ul> 
<h2 id="ethereum-price-dips-further">Ethereum Price Dips Further</h2> 
Ethereum price started a downside correction below the $3,880 support zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-struggles-67k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH dipped below the $3,850 and $3,800 support levels to move into a short-term bearish zone. 
There was also a clear move below the 50% Fib retracement level of the upward wave from the $3,630 swing low to the $3,974 high. Finally, the price dipped below the $3,780 level. The bears are now aiming for a move toward the $3,720 support. 
Ethereum price is now trading above $3,800 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-support-3760/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. If there is a fresh increase, ETH might face resistance near the $3,800 level. There is also a key bearish trend line forming with resistance at $3,800 on the hourly chart of ETH/USD. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_c4c39f.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-610537 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_c4c39f.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_c4c39f.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_c4c39f.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_c4c39f.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_c4c39f.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_c4c39f.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_c4c39f.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_c4c39f.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first major resistance is near the $3,840 level. An upside break above the $3,840 resistance might send the price higher. The next key resistance sits at $3,900, above which the price might gain traction and rise toward the $3,940 level. If there is a clear move above the $3,940 level, the price might rise and test the $4,000 resistance. Any more gains could send Ether toward the $4,080 resistance zone. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,800 resistance, it could continue to move down. Initial support on the downside is near the $3,720 level or the 76.4% Fib retracement level of the upward wave from the $3,630 swing low to the $3,974 high. 
The next major support is near the $3,625 zone. A clear move below the $3,625 support might push the price toward $3,550. Any more losses might send the price toward the $3,500 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 zone. 
Major Support Level – $3,720 
Major Resistance Level – $3,800

Ethereum Dips Further: Will the Slide Stop or Is ETH on a Rollercoaster?

Table of Contents

NewsBTC

Other articles published on May 30, 2024

Bitcoin ‘CDD’ Hits All-Time High: What’s Driving This Trend?

1inch Network Surges 15% This Week! Will 1INCH Price Hit $0.5 This Week?

Ethereum ETF Approval Could Surprise Us All, Says Cathie Wood

Galxe Introduces New Layer-1 Blockchain “Gravity”

Bitcoin and Ethereum Monthly Options Expiry, PCE Inflation Looms, Brace For Price Impact

Dollar General Achieves $9.9 Billion in Q1 Net Sales, Beating Forecasts

Join our free newsletter for daily crypto updates!