Ethereum

Resistance

Reversal

Ethereum price is gaining pace above the $3,120 resistance zone. ETH could continue to move up unless there is a daily close below the $3,030 level. 
<ul> 
 <li>Ethereum extended its increase above the $3,150 resistance zone.</li> 
 <li>The price is trading above $3,150 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bullish trend line forming with support at $3,160 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move up unless the bears push it below the $3,030 zone.</li> 
</ul> 
<h2 id="ethereum-price-extends-increase">Ethereum Price Extends Increase</h2> 
Ethereum price started a recovery wave and was able to clear the $3,000 resistance, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-extends-increase-67k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH even climbed above the $3,050 and $3,120 resistance levels to move into a positive zone. 
It traded to a new weekly high at $3,234 and is currently consolidating gains. There was a minor decline below the $3,200 level. Ether dipped below the 23.6% Fib retracement level of the recent increase from the $3,120 swing low to the $3,234 high. 
Ethereum is now trading above $3,150 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-buy-dip-3150/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a connecting bullish trend line forming with support at $3,160 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent increase from the $3,120 swing low to the $3,234 high. 
Immediate resistance is near the $3,210 level. The first major resistance is near the $3,235 level. The next key resistance sits at $3,280, above which the price might gain traction and rise toward the $3,350 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-604594" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461" alt="Ethereum Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.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> 
A close above the $3,350 resistance could send the price toward the $3,500 resistance. If there is a move above the $3,500 resistance, Ethereum could even test the $3,550 resistance. Any more gains could send Ether toward the $3,720 resistance zone in the coming days. 
<h2 id="downside-correction-in-eth">Downside Correction In ETH?</h2> 
If Ethereum fails to clear the $3,235 resistance, it could start a downside correction. Initial support on the downside is near the $3,175 level. The first major support is near the $3,160 zone and the trend line. 
The main support is near the $3,150 level and the 100-hourly Simple Moving Average. A clear move below the $3,150 support might increase selling pressure and send the price toward $3,030. Any more losses might send the price toward the $2,850 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 below the 50 level. 
Major Support Level – $3,150 
Major Resistance Level – $3,235

Ethereum Price Signals Reversal and $3,400 Is Imminent, Here’s Why

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