Ethereum

Bitcoin

Resistance

Gains

Ethereum price struggled to climb above the $3,550 resistance and trimmed gains. ETH gained bearish momentum alongside Bitcoin and tested the $3,385 zone. 
<ul> 
 <li>Ethereum is trimming gains from the $3,550 resistance zone.</li> 
 <li>The price is trading below $3,500 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $3,465 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bearish momentum if it dips below the $3,385 and $3,350 support levels.</li> 
</ul> 
<h2 id="ethereum-price-dips-further">Ethereum Price Dips Further</h2> 
Ethereum price struggled to start a fresh increase above the $3,550 zone. ETH followed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-62700/" target="_blank" rel="noopener ">Bitcoin’s</a> bearish path and the price declined below the $3,500 level. The bears pushed the price below the $3,420 support zone. 
A low was formed at $3,388 and the price is now consolidating <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-retreats-3450/" target="_blank" rel="noopener ">losses</a>. It is struggling near the 23.6% Fib retracement level of the recent decline from the $3,543 swing high to the $3,388 low. There is also a key bearish trend line forming with resistance near $3,465 on the hourly chart of ETH/USD. 
Ethereum is now trading below $3,500 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3,430 level. The first major resistance is near the $3,465 level and the trend line. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_4d685d.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626055 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_4d685d.png?resize=1024%2C461" alt="Ethereum Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_4d685d.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_4d685d.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_4d685d.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_4d685d.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_4d685d.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_4d685d.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_4d685d.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The trend line is near the 50% Fib retracement level of the recent decline from the $3,543 swing high to the $3,388 low. The main resistance sits at $3,520 or $3,550. An upside break above the $3,550 resistance might send the price higher. The next key resistance sits at $3,650, above which the price might gain traction and rise toward the $3,720 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 $3,465 resistance, it could start another decline. Initial support on the downside is near $3,385. The first major support sits near the $3,350 zone. 
A clear move below the $3,350 support might push the price toward $3,220. Any more losses might send the price toward the $3,100 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 – $3,350 
Major Resistance Level – $3,465

Ethereum Price Trims Gains as Bitcoin Slump Drags Crypto Market

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