Ethereum

Strong

Resistance

Ethereum price extended its decline and tested the $3,700 support. ETH is now consolidating and eyeing a fresh increase above $3,840. 
<ul> 
 <li>Ethereum extended its decline and tested the $3,700 zone.</li> 
 <li>The price is trading near $3,800 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support near $3,760 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 $3,700 support.</li> 
</ul> 
<h2 id="ethereum-price-holds-support">Ethereum Price Holds Support</h2> 
Ethereum price struggled to start a fresh increase and declined below the $3,750 support zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-slips-67k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH even traded below the $3,720 support zone. However, the bulls were active near the $3,700 support zone. 
A low was formed at $3,702 and the price recently started a <a href="https://www.newsbtc.com/analysis/eth/ethereum-battle-3800/" target="_blank" rel="noopener ">recovery wave</a>. There was a move above the $3,750 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $3,957 swing high to the $3,702 low. 
Ethereum price is now trading near $3,800 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $3,760 on the hourly chart of ETH/USD. 
If there is a fresh increase, ETH might face resistance near the $3,830 level. The first major resistance is near the $3,880 level or the 76.4% Fib retracement level of the downward move from the $3,957 swing high to the $3,702 low. 
An upside break above the $3,880 resistance might send the price higher. The next key resistance sits at $3,950, above which the price might gain traction and rise toward the $4,000 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-611120 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
If the bulls push Ether above the $4,000 level, the price might rise and test the $4,080 resistance. Any more gains could send Ether toward the $4,220 resistance zone. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,830 resistance, it could start another decline. Initial support on the downside is near the $3,750 level and the trend line. 
The next major support is near the $3,720 zone. A clear move below the $3,720 support might push the price toward $3,660. Any more losses might send the price toward the $3,550 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 above the 50 zone. 
Major Support Level – $3,720 
Major Resistance Level – $3,880

Ethereum Price Steadies: Strong Support Hints at Exciting Upside Potential

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