Ethereum

Resistance

Ethereum price dived over 10% before the bulls appeared near $2,550. ETH is back above $3,000 and now faces many hurdles near $3,200. 
<ul> 
 <li>Ethereum is attempting a recovery wave from the $2,550 support zone.</li> 
 <li>The price is trading below $3,250 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a rising channel forming with resistance at $3,200 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if it stays above the $3,000 support zone.</li> 
</ul> 
<h2 id="ethereum-price-eyes-recovery-wave">Ethereum Price Eyes Recovery Wave</h2> 
Ethereum price started a major decline from the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-test-3620/" target="_blank" rel="noopener ">$3,550 resistance</a>. ETH declined over 10% and traded below the $3,000 support. It even spiked below $2,750 and tested $2,550. 
A low was formed near $2,537 and the price is now attempting a recovery wave, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-downside-thrust-60500/" target="_blank" rel="noopener ">Bitcoin</a>. The price climbed above the $2,800 and $3,000 resistance levels. It even surpassed the 50% Fib retracement level of the downward move from the $3,615 swing high to the $2,537 low. 
Ethereum is now trading below $3,250 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,200 level or the 61.8% Fib retracement level of the downward move from the $3,615 swing high to the $2,537 low. There is also a rising channel forming with resistance at $3,200 on the hourly chart of ETH/USD. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_454334.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-603226" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_454334.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_454334.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_454334.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_454334.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_454334.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_454334.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_454334.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_454334.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 first major resistance is near the $3,250 level. The next key resistance sits at $3,300, above which the price might test the $3,360 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 rise toward the $3,750 resistance. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,250 resistance, it could start another decline. Initial support on the downside is near the $3,080 level. 
The first major support is near the $3,000 zone. The next key support could be the $2,880 zone. A clear move below the $2,880 support might send the price toward $2,750. 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 – $3,000 
Major Resistance Level – $3,250

Ethereum Price Reclaims $3K But Can ETH Continue Higher?

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