Ethereum

Resistance

BNB price started a recovery wave from the $585 support zone. The bulls must clear the $600 resistance zone to push the price into a positive zone in the near term. 
<ul> 
 <li>BNB price extended losses and tested the $585 support zone.</li> 
 <li>The price is now trading below $600 and the 100-hourly simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair (data source from Binance).</li> 
 <li>The pair could start a fresh increase if it stays above the $585 support.</li> 
</ul> 
<h2 id="bnb-price-holds-support">BNB Price Holds Support</h2> 
After a decent increase, BNB price struggled near the $615 resistance. As a result, there was a bearish reaction below the $600 support, like <a href="https://www.newsbtc.com/analysis/eth/ethereum-battle-3800/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoins-upside-fading-70k/" target="_blank" rel="noopener ">Bitcoin</a>. 
The price dipped below the $595 support and the 100 simple moving average (4 hours). It traded as low as $586 and recently started a recovery wave. There was a move above the $595 resistance zone, and the 23.6% Fib retracement level of the downward move from the $613 swing high to the $586 low. 
There was a break above a key bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair. However, the bears were active near the $600 level or the 50% Fib retracement level of the downward move from the $613 swing high to the $586 low. 
The price is now trading below $600 and the 100-hourly simple moving average. Immediate resistance is near the $600 level. The next resistance sits near the $602 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-3.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-610748 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-3.png?resize=1024%2C449" alt="BNB Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-3.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-3.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-3.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-3.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-3.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-3.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-3.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $602 zone could send the price higher. In the stated case, BNB price could test $615. A close above the $615 resistance might set the pace for a larger increase toward the $620 resistance. Any more gains might call for a test of the $632 level in the coming days. 
<h2 id="more-losses">More Losses?</h2> 
If BNB fails to clear the $600 resistance, it could continue to move down. Initial support on the downside is near the $592 level and the trend line. 
The next major support is near the $585 level. The main support sits at $572. If there is a downside break below the $572 support, the price could drop toward the $560 support. Any more losses could initiate a larger decline toward the $550 level. 
Technical Indicators 
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. 
Major Support Levels – $585 and $572. 
Major Resistance Levels – $600 and $602.

BNB Price Launches Recovery Bid: Will the Bounce Hold?

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