Ethereum

Resistance

Ethereum price struggled to clear the $3,650 resistance. ETH started another decline and there is now a risk of more dips below the $3,420 support. 
<ul> 
 <li>Ethereum started a fresh decline below the $3,550 support zone.</li> 
 <li>The price is trading below $3,540 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a crucial bearish trend line forming with resistance near $3,550 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend losses if it stays below the $3,550 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-struggle-continues">Ethereum Price Struggle Continues</h2> 
Ethereum price failed to start a recovery wave above the $3,550 and $3,580 resistance levels, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-bears-66k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH remained in a short-term bearish zone and extended losses below the $3,500 level. 
The price declined below the $3,450 support level. A low was formed at $3,428 and the price is now consolidating losses. There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $3,655 swing high to the $3,428 low. 
Ethereum is still trading below $3,550 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-slope-3550/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a crucial bearish trend line forming with resistance near $3,550 on the hourly chart of ETH/USD. If there is a fresh increase, the price might face resistance near the $3,540 level and the 50% Fib retracement level of the recent decline from the $3,655 swing high to the $3,428 low. 
The first major resistance is near the $3,550 level and the trend line. An upside break above the $3,550 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_aed5e6.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-624534 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_aed5e6.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_aed5e6.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_aed5e6.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_aed5e6.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_aed5e6.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_aed5e6.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_aed5e6.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_aed5e6.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 send Ether toward 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 $3,550 resistance, it could continue to move down. Initial support on the downside is near $3,420. 
A clear move below the $3,420 support might push the price toward $3,350. 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 – $3,420 
Major Resistance Level – $3,550

Ethereum Price Decline: Market Indicators Point to More Dips

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