Ethereum

Resistance

Ethereum price failed to clear the $3,650 resistance. ETH declined again after the Fed decision and now shows bearish signs below the $3,550 level. 
<ul> 
 <li>Ethereum started a fresh decline below the $3,580 support zone.</li> 
 <li>The price is trading below $3,550 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a major bearish trend line forming with resistance near $3,610 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend losses if it stays below the $3,600 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-dips-again">Ethereum Price Dips Again</h2> 
Ethereum price attempted a recovery wave above the $3,550 and $3,580 resistance levels. However, ETH failed to settle above the $3,650 level and started another decline. There was a steady decline below the $3,580 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-70k-2/" target="_blank" rel="noopener ">Bitcoin</a>. 
The price declined below the <a href="https://www.newsbtc.com/news/ethereum-price-slips-3430/" target="_blank" rel="noopener ">$3,550 support level</a>. There was a move below the 61.8% Fib retracement level of the upward move from the $3,431 swing low to the $3,655 high. 
Ethereum is now trading below $3,550 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance near $3,610 on the hourly chart of ETH/USD. If there is a fresh increase, the price might face resistance near the $3,580 level. 
The first major resistance is near the $3,600 level and the trend line. An upside break above the $3,600 resistance might send the price higher. The next key resistance sits at $3,650, above which the price might gain traction and rise toward the $3,720 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-624345 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $3,720 level might call for a test of the $3,800 resistance. Any more gains could send Ether toward the $3,880 resistance zone. 
<h2 id="more-downsides-in-eth">More Downsides In ETH?</h2> 
If Ethereum fails to clear the $3,600 resistance, it could continue to move down. Initial support on the downside is near $3,480 and the 76.4% Fib retracement level of the upward move from the $3,431 swing low to the $3,655 high. The next major support is near the $3,420 zone. 
A clear move below the $3,420 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 – $3,420 
Major Resistance Level – $3,600

Ethereum Price Slippery Slope: More Downside Risks in Sight

Table of Contents

NewsBTC

Other articles published on Jun 13, 2024

Shiba Inu Whale Transactions Explode 170% Following Forbes Endorsement

US Lawmaker Brad Sherman Pushes Crypto Amendment In NDAA Bill

Fortune 500 Firms Embrace Blockchain But U.S. Falls Behind—Coinbase

Founder of Popular Altcoin Declared "FUD is Over", Price Moved!

Paradigm announces $850 million fund for early-stage crypto projects

Biden, Trump’s crypto strategies: Election gimmicks or genuine support?

Join our free newsletter for daily crypto updates!