Ethereum

Resistance

Ethereum price failed to recover above the $3,650 resistance. ETH declined again below the $3,550 level and now shows bearish signs below $3,600. 
<ul> 
 <li>Ethereum started a fresh decline below the $3,550 support zone.</li> 
 <li>The price is trading below $3,550 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $3,650 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend losses if it stays below the $3,650 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-takes-hit">Ethereum Price Takes Hit</h2> 
Ethereum price attempted a recovery wave but there was no bullish momentum. ETH failed to settle above the $3,650 level and started another decline. There was a steady decline below the $3,600 level. 
The price declined below the $3,550 support level. A low was formed near $3,430 and the price is now consolidating losses, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-in-decline-66k/" target="_blank" rel="noopener ">Bitcoin</a>. Ethereum is now trading below $3,550 and the <a href="https://www.newsbtc.com/news/ethereum/ethereum-price-downward-3550/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. 
There was a minor correction above the $3,480 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $3,710 swing high to the $3,430 low. If there are more gains, the price might face resistance near the $3,550 level. 
The first major resistance is near the $3,570 level. It is close to the 50% Fib retracement level of the downward move from the $3,710 swing high to the $3,430 low. 
There is also a key bearish trend line forming with resistance near $3,650 on the hourly chart of ETH/USD. An upside break above the $3,650 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 $3,820 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2ae1bd.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-624134 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2ae1bd.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2ae1bd.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2ae1bd.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2ae1bd.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2ae1bd.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2ae1bd.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2ae1bd.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2ae1bd.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $3,820 level might call for a test of the $3,920 resistance. Any more gains could send Ether toward the $4,000 resistance zone. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,550 resistance, it could continue to move down. Initial support on the downside is near $3,475. The next major support is near the $3,430 zone. 
A clear move below the $3,430 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 losing momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 zone. 
Major Support Level – $3,430 
Major Resistance Level – $3,550

Ethereum Price Slips: Slow Descent as Market Pressure Mounts

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