Ethereum

Resistance

Ethereum price extended losses below the $3,320 support. ETH tested the $3,240 support and is now eyeing a decent increase above the $3,380 resistance. 
<ul> 
 <li>Ethereum extended losses and tested the $3,240 support zone.</li> 
 <li>The price is trading below $3,400 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $3,440 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could attempt a decent increase above the $3,380 and $3,400 resistance levels.</li> 
</ul> 
<h2 id="ethereum-price-founds-support">Ethereum Price Founds Support</h2> 
Ethereum price struggled to start a fresh increase above the $3,500 zone. ETH followed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-dives-breaks-60k/" target="_blank" rel="noopener ">Bitcoin’s bearish path</a> and the price declined below the $3,350 level. The bears pushed the price below the $3,320 support zone. 
A low was formed at $3,230 and the price is now correcting losses. There was a minor upward move above the $3,300 and $3,320 levels. The price climbed above the 23.6% Fib retracement level of the recent drop from the $3,517 swing high to the $3,230 low. 
Ethereum is still trading below $3,450 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3,375 level or the 50% Fib retracement level of the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-trims-3385/" target="_blank" rel="noopener ">recent drop</a> from the $3,517 swing high to the $3,230 low. 
The first major resistance is near the $3,450 level. There is also a key bearish trend line forming with resistance near $3,440 on the hourly chart of ETH/USD. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3709b0.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626205 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3709b0.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3709b0.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3709b0.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3709b0.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3709b0.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3709b0.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3709b0.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3709b0.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The main resistance sits at $3,540. An upside break above the $3,540 resistance might send the price higher. The next key resistance sits at $3,620, above which the price might gain traction and rise toward the $3,650 level. Any more gains could send Ether toward the $3,720 resistance zone in the coming days. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,450 resistance, it could start another decline. Initial support on the downside is near $3,325. The first major support sits near the $3,24 zone. 
A clear move below the $3,240 support might push the price toward $3,200. 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 above the 50 zone. 
Major Support Level – $3,240 
Major Resistance Level – $3,450

Ethereum Price Bottom Signal: Is a Recovery on the Horizon?

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