Ethereum

Bitcoin

Resistance

Ethereum price climbed higher above $3,500 but struggled near $3,580. ETH must clear the $3,650 resistance to move further into a positive zone. 
<ul> 
 <li>Ethereum is consolidating gains below the $3,650 resistance zone.</li> 
 <li>The price is trading above $3,500 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a short-term rising channel forming with resistance near $3,585 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if it clears the $3,600 and $3,650 resistance levels.</li> 
</ul> 
<h2 id="ethereum-price-consolidates">Ethereum Price Consolidates</h2> 
Ethereum price started a decent increase from the $3,350 support zone. ETH formed a base and climbed above the $3,450 and $3,500 resistance levels. It even outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recover-65k/" target="_blank" rel="noopener ">Bitcoin</a> and broke the $3,550 resistance. 
The bears are now active below the $3,600 level. A high was formed at $3,586 and the price is now consolidating 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 $3,350 swing low to the $3,586 high. 
Ethereum is still trading above $3,500 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-outperforms-bitcoin-3650-2/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a short-term rising channel forming with resistance near $3,585 on the hourly chart of ETH/USD. 
On the upside, the price might face resistance near the $3,580 level or the channel zone. The first major resistance is near the $3,620 level. The main resistance sits at $3,650. An upside break above the $3,650 resistance might send the price higher. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_531ec8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-625535 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_531ec8.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_531ec8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_531ec8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_531ec8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_531ec8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_531ec8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_531ec8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_531ec8.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance sits at $3,720, above which the price might gain traction and rise toward the $3,750 level. A clear move above the $3,750 level might send Ether toward the $3,880 resistance. Any more gains could send Ether toward the $4,000 resistance zone in the coming days. 
<h2 id="another-drop-in-eth">Another Drop In ETH?</h2> 
If Ethereum fails to clear the $3,600 resistance, it could start another decline. Initial support on the downside is near $3,520 and the channel trend line. The first major support is $3,500. 
A clear move below the $3,500 support might push the price toward $3,465 or the 50% Fib retracement level of the upward move from the $3,350 swing low to the $3,586 high. Any more losses might send the price toward the $3,400 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 zone. 
Major Support Level – $3,500 
Major Resistance Level – $3,600

Ethereum Price Struggle: Reaching Resistance, Facing Challenges

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