Ethereum

Resistance

Ethereum price is struggling to clear the $3,840 resistance zone. ETH could gain bullish momentum if it clears the $3,840 and $3,880 resistance levels. 
<ul> 
 <li>Ethereum is holding gains above the $3,720 level.</li> 
 <li>The price is trading above $3,750 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting 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 $3,720 support.</li> 
</ul> 
<h2 id="ethereum-price-holds-support">Ethereum Price Holds Support</h2> 
Ethereum price declined again below the $3,760 support zone. ETH retested the $3,720 support and remained well-bid. A low was formed at $3,728 and the price started another increase, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-green-70k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move above the $3,800 level, but the bears were again active near $3,840. A high was formed at $3,836 and the price is now consolidating gains in a <a href="https://www.newsbtc.com/analysis/eth/ethereum-signals-bearish-3840/" target="_blank" rel="noopener ">range</a>. It is trading just below the 23.6% Fib retracement level of the upward move from the $3,728 swing low to the $3,836 high. 
Ethereum is now trading above $3,760 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support near $3,760 on the hourly chart of ETH/USD. 
If there is another increase, ETH might face resistance near the $3,820 level. 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 $3,920, 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_9b0c64.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-611460 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_9b0c64.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_9b0c64.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_9b0c64.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_9b0c64.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_9b0c64.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_9b0c64.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_9b0c64.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_9b0c64.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 $3,840 resistance, it could start another decline. Initial support on the downside is near $3,780 and the 50% Fib retracement level of the upward move from the $3,728 swing low to the $3,836 high. 
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 $3,650 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 zone. 
Major Support Level – $3,760 
Major Resistance Level – $3,840

Ethereum Price Stuck in a Rut but Poised for an Exciting Upside Break

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