Ethereum

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Resistance

Ethereum price is still facing many hurdles near $3,200. ETH could start another major decline if the price stays below $3,200 and $3,280. 
<ul> 
 <li>Ethereum is struggling to recover above the $3,200 resistance zone.</li> 
 <li>The price is trading below $3,200 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start another decline if there is a close below the $2,900 support zone.</li> 
</ul> 
<h2 id="ethereum-price-consolidates">Ethereum Price Consolidates</h2> 
Ethereum price found support and attempted a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-recovery-fails-3250/" target="_blank" rel="noopener ">recovery wave</a> above the $3,000 resistance zone. ETH was able to climb above the $3,200 level. However, the bears were active near the $3,280 resistance zone. 
A high was formed at $3,278 and the price reacted to the downside, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-65k-2/" target="_blank" rel="noopener ">Bitcoin</a>. It dipped below the 23.6% Fib retracement level of the upward move from the $2,536 swing low to the $3,278 high. Ethereum is now trading below $3,200 and the 100-hourly Simple Moving Average. 
Immediate resistance is near the $3,100 level. There is also a key bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD. The first major resistance is near the $3,200 level and the 100-hourly Simple Moving Average. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_d5202f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-603632" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_d5202f.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_d5202f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_d5202f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_d5202f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_d5202f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_d5202f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_d5202f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_d5202f.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener nofollow">ETHUSD on TradingView.com</a> 
The next key resistance sits at $3,280, above which the price might rise toward the $3,350 level. The key hurdle could be $3,500, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,620 zone. If there is a move above the $3,620 resistance, Ethereum could even climb toward the $3,750 resistance. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,200 resistance, it could start another decline. Initial support on the downside is near the $3,000 level. 
The first major support is near the $2,900 zone or the 50% Fib retracement level of the upward move from the $2,536 swing low to the $3,278 high. The next key support could be the $2,710 zone. A clear move below the $2,710 support might send the price toward $2,650. Any more losses might send the price toward the $2,550 level. 
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 level. 
Major Support Level – $2,900 
Major Resistance Level – $3,200

Ethereum Price Stuck Near $3K, Indicators Show Risk of Downside Break

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