Ethereum

Resistance

Ethereum price declined heavily and tested the $3,580 support zone. ETH is now recovering and faces many hurdles near the $3,740 zone. 
<ul> 
 <li>Ethereum started a recovery wave and climbed above the $3,660 resistance.</li> 
 <li>The price is trading below $3,750 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $3,740 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 $3,640 support.</li> 
</ul> 
<h2 id="ethereum-price-faces-resistance">Ethereum Price Faces Resistance</h2> 
Ethereum price extended its decline below the $3,660 support zone. ETH even declined below $3,600 before the bulls appeared. A low was formed near $3,574 and the price is now correcting losses, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-resurgence-70k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move above the $3,650 and $3,660 levels. The price climbed above the 50% Fib retracement level of the downward move from the $3,838 swing high to the $3,574 low. However, there was no close above the $3,700 level. 
Ethereum is now trading below $3,740 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-pulls-back-3880/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. If there is another increase, ETH might face resistance near the $3,700 level. 
The first major resistance is near the $3,740 level. There is also a key bearish trend line forming with resistance near $3,740 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the downward move from the $3,838 swing high to the $3,574 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_81858f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-612160 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_81858f.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_81858f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_81858f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_81858f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_81858f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_81858f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_81858f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_81858f.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
An upside break above the $3,740 resistance might send the price higher. The next key resistance sits at $3,800, above which the price might gain traction and rise toward the $3,840 level. If the bulls push Ether above the $3,840 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="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,740 resistance, it could continue to move down. Initial support on the downside is near $3,660. The next major support is near the $3,640 zone. 
The main support sits at $3,580. A clear move below the $3,580 support might push the price toward $3,500. Any more losses might send the price toward the $3,450 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 – $3,640 
Major Resistance Level – $3,740

Ethereum Price Battles Resistance: Faces Steep Climb Ahead

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