Ethereum

Resistance

Ethereum price struggled to recover above the $3,420 resistance zone. ETH is consolidating and might decline again if there is a move below $3,320. 
<ul> 
 <li>Ethereum is struggling to gain pace for a move above the $3,420 zone.</li> 
 <li>The price is trading below $3,400 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $3,400 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair must clear the $3,400 and $3,425 resistance levels to continue higher.</li> 
</ul> 
<h2 id="ethereum-price-faces-hurdles">Ethereum Price Faces Hurdles</h2> 
Ethereum price started a decent recovery wave above the $3,320 level. ETH even cleared the $3,350 level but the bears were active near $3,420. A high was formed at $3,426 and the price corrected gains like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dive-60k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move below the $3,380 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $3,230 swing low to the $3,426 high. The bulls are now trying to protect more downsides below the $3,320 level. 
Ethereum is still trading below $3,400 and the 100-hourly Simple Moving Average. On the upside, the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-hurdle-3420/" target="_blank" rel="noopener ">price is facing hurdles</a> near the trend line and $3,400. There is also a connecting bearish trend line forming with resistance near $3,400 on the hourly chart of ETH/USD. 
The first major resistance is near the $3,420 level. The main resistance is near the $3,450 level. A close above the $3,450 level might send Ether toward the $3,550 resistance. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626606 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance is near $3,620. An upside break above the $3,620 resistance might send the price higher. The next hurdle sits at $3,680, 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. 
<h2 id="another-drop-in-eth">Another Drop In ETH?</h2> 
If Ethereum fails to clear the $3,400 resistance, it could start another decline. Initial support on the downside is near $3,350. The first major support sits near the $3,320 zone and the 50% Fib retracement level of the upward move from the $3,230 swing low to the $3,426 high. 
A clear move below the $3,320 support might push the price toward $3,250. Any more losses might send the price toward the $3,200 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 – $3,320 
Major Resistance Level – $3,400

Ethereum Price Roadblocks: What’s Hindering A Fresh Increase?

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