Ethereum

Resistance

Ethereum price started a downside correction from the $3,885 resistance zone. ETH is now back below $3,800 and might continue to slide toward $3,720. 
<ul> 
 <li>Ethereum started a pullback after it failed to clear the $3,880 resistance.</li> 
 <li>The price is trading below $3,840 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a key bullish trend line with support near $3,830 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh upward move unless there is a close below the $3,720 support.</li> 
</ul> 
<h2 id="ethereum-price-dips-again">Ethereum Price Dips Again</h2> 
Ethereum price <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-green-3880/" target="_blank" rel="noopener ">extended its increase</a> above the $3,840 resistance zone. However, ETH struggled to clear the $3,885 level and started a downside correction like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-climbs-70k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a decline below the $3,840 support level. Besides, there was a break below a key bullish trend line with support near $3,830 on the hourly chart of ETH/USD. The pair declined below the 50% Fib retracement level of the upward wave from the $3,730 swing low to the $3,885 high. 
Ethereum is now trading below $3,840 and the 100-hourly Simple Moving Average. However, the bulls are active near the 61.8% Fib retracement level of the upward wave from the $3,730 swing low to the $3,885 high. 
If there is another increase, ETH might face resistance near the $3,810 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_8217d7.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-611852 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_8217d7.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_8217d7.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_8217d7.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_8217d7.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_8217d7.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_8217d7.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_8217d7.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_8217d7.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 $4,200 resistance zone. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,840 resistance, it could continue to move down. Initial support on the downside is near $3,765. The next major support is near the $3,750 zone. 
The main support sits at $3,720. A clear move below the $3,720 support might push the price toward $3,650. 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 gaining momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 zone. 
Major Support Level – $3,765 
Major Resistance Level – $3,840

Ethereum Price Pulls Back from Resistance: Will the Bulls Stage a Comeback?

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