Ethereum

Resistance

Ethereum price failed to clear the $3,720 resistance. ETH declined again and is now at risk of more losses below the $3,550 support zone. 
<ul> 
 <li>Ethereum started a fresh decline from the $3,720 resistance zone.</li> 
 <li>The price is trading below $3,650 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $3,680 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend losses if there is a close below the $3,550 support.</li> 
</ul> 
<h2 id="ethereum-price-dips-again">Ethereum Price Dips Again</h2> 
Ethereum price attempted a decent increase above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-battles-3740/" target="_blank" rel="noopener ">$3,650 resistance zone</a>. ETH even spiked above $3,700 but the bears were active. A high was formed at $3,710 and the price started a fresh decline. There was a sharp decline below the $3,660 and $3,650 levels. 
A low was formed near $3,565 and the price is now consolidating losses, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-falters-68k/" target="_blank" rel="noopener ">Bitcoin</a>. Ethereum is now trading below $3,650 and the 100-hourly Simple Moving Average. 
If there is a fresh increase or a recovery wave, the price might face resistance near the 23.6% Fib retracement level of the downward move from the $3,710 swing high to the $3,565 low. The first major resistance is near the $3,640 level. 
There is also a key bearish trend line forming with resistance near $3,680 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 $3,710 swing high to the $3,565 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_e181d9.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-612373 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_e181d9.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_e181d9.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_e181d9.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_e181d9.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_e181d9.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_e181d9.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_e181d9.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_e181d9.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
An upside break above the $3,680 resistance might send the price higher. The next key resistance sits at $3,720, above which the price might gain traction and rise toward the $3,750 level. If the bulls push Ether above the $3,750 level, the price might rise and test the $3,800 resistance. Any more gains could send Ether toward the $3,880 resistance zone. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,650 resistance, it could continue to move down. Initial support on the downside is near $3,550. The next major support is near the $3,520 zone. 
The main support sits at $3,500. A clear move below the $3,500 support might push the price toward $3,320. Any more losses might send the price toward the $3,250 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 – $3,550 
Major Resistance Level – $3,650

Ethereum Price Downward Drift: Decline Resumes Again

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