Ethereum

Bitcoin

Resistance

Ethereum price declined again and retested the $3,365 support zone. ETH could start a fresh increase toward $3,700 if it stays above $3,365. 
<ul> 
 <li>Ethereum is still holding the key $3,365 support zone.</li> 
 <li>The price is trading below $3,550 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $3,500 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could form a double-bottom pattern and rise toward the $3,700 resistance.</li> 
</ul> 
<h2 id="ethereum-price-retests-key-support">Ethereum Price Retests Key Support</h2> 
Ethereum price failed to gain pace for a move above the $3,580 and $3,650 resistance levels. ETH reacted to the downside like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-slide-64500/" target="_blank" rel="noopener ">Bitcoin</a> and declined below the $3,500 support. There was a sharp move below $3,420, but the bulls were again active near $3,350. 
A low was formed near the $3,350 level and the price is again <a href="https://www.newsbtc.com/analysis/eth/ethereum-outperforms-bitcoin-3650/" target="_blank" rel="noopener ">rising</a>. There was a move above the $3,380 and $3,400 resistance levels. The price was able to clear the 23.6% Fib retracement level of the downward move from the $3,649 swing high to the $3,350 low. 
Ethereum is now trading below $3,550 and the 100-hourly Simple Moving Average. It seems like the price could form a double-bottom pattern and rise toward the $3,700 resistance. If there is a fresh increase, the price might face resistance near the $3,460 level. 
The first major resistance is near the $3,500 level or the 50% Fib retracement level of the downward move from the $3,649 swing high to the $3,350 low. There is also a connecting bearish trend line forming with resistance near $3,500 on the hourly chart of ETH/USD. 
An upside break above the $3,500 resistance might send the price higher. The next key resistance sits at $3,580, above which the price might gain traction and rise toward the $3,650 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2b7ad2.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-625133 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2b7ad2.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2b7ad2.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2b7ad2.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2b7ad2.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2b7ad2.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2b7ad2.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2b7ad2.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2b7ad2.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $3,650 level might send Ether toward the $3,720 resistance. Any more gains could send Ether toward the $3,800 resistance zone. 
<h2 id="downside-break-in-eth">Downside Break In ETH?</h2> 
If Ethereum fails to clear the $3,500 resistance, it could continue to move down. Initial support on the downside is near $3,380. The first major support is at $3,350. 
A clear move below the $3,350 support might push the price toward $3,250. Any more losses might send the price toward the $3,120 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 – $3,350 
Major Resistance Level – $3,500

Ethereum Price Support Retest: Is a Double Bottom Pattern Emerging?

Table of Contents

NewsBTC

Other articles published on Jun 18, 2024

How to buy Shiba Inu (SHIB)? Easy Guide

Tether Introduces ‘Synthetic’ Dollar Backed by Tokenized Gold in New Tokenization Push

Most Trending Cryptocurrencies on Polygon – Abys, Hop Protocol, Grabclub

Dogecoin Bull Elon Musk Turns Attention to These New Ethereum Tokens?

Cryptocurrency Market Faces Significant Losses

Is Shiba Inu Dead? SHIB Continues to Slump as Traders Switch to New Meme Coin

Join our free newsletter for daily crypto updates!