Ethereum

Bitcoin

Resistance

Gains

Ethereum price struggled to climb above the $3,650 resistance and trimmed gains. ETH is now signaling a downside break and might decline below $3,450. 
<ul> 
 <li>Ethereum is trimming gains from the $3,620 resistance zone.</li> 
 <li>The price is trading below $3,550 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a short-term rising channel forming with support at $3,540 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bearish momentum if it dips below the $3,485 and $3,450 support levels.</li> 
</ul> 
<h2 id="ethereum-price-trims-gains">Ethereum Price Trims Gains</h2> 
Ethereum price started a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-struggle-3650/" target="_blank" rel="noopener ">decent increase</a> above the $3,500 zone. ETH outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-again-65k/" target="_blank" rel="noopener ">Bitcoin</a> and broke the $3,550 resistance. However, the price struggled to surpass the $3,620 level and failed to test $3,650. 
A high was formed at $3,620 and the price is now trimming gains. There was a minor decline below the $3,550 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $3,351 swing low to the $3,620 high. 
There was a break below a short-term rising channel forming with support at $3,540 on the hourly chart of ETH/USD. Ethereum is still trading below $3,550 and the 100-hourly Simple Moving Average. 
The bulls are now active near the $3,485 support zone and the 50% Fib retracement level of the upward move from the $3,351 swing low to the $3,620 high. On the upside, the price might face resistance near the $3,520 level. The first major resistance is near the $3,560 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_7a7185.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-625753 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_7a7185.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_7a7185.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_7a7185.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_7a7185.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_7a7185.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_7a7185.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_7a7185.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_7a7185.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The main resistance sits at $3,620 or $3,650. An upside break above the $3,650 resistance might send the price higher. The next key resistance sits at $3,720, above which the price might gain traction and rise toward the $3,750 level. Any more gains could send Ether toward the $3,880 resistance zone in the coming days. 
<h2 id="more-downsides-in-eth">More Downsides In ETH?</h2> 
If Ethereum fails to clear the $3,560 resistance, it could start another decline. Initial support on the downside is near $3,485. The first major support is $3,450. 
A clear move below the $3,450 support might push the price toward $3,420. Any more losses might send the price toward the $3,350 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 – $3,450 
Major Resistance Level – $3,560

Ethereum Price Retreats: Market Sentiment Slowly Shifts Bearish

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