Ethereum

Resistance

Ethereum price started a recovery wave from the $3,230 zone. ETH climbed above $3,350, but it now faces strong resistance at $3,420. 
<ul> 
 <li>Ethereum started an upside correction from the $3,240 support zone.</li> 
 <li>The price is trading below $3,420 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair must clear the $3,420 and $3,450 resistance levels to continue higher.</li> 
</ul> 
<h2 id="ethereum-price-eyes-recovery">Ethereum Price Eyes Recovery</h2> 
Ethereum price extended losses and traded below the $3,350 zone. ETH even tested the $3,240 support zone before it started a recovery wave like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejection-62500/" target="_blank" rel="noopener ">Bitcoin</a>. There was a decent increase above the $3,300 and $3,320 levels. 
The bulls pushed the price above $3,350. It even spiked above the 61.8% Fib retracement level of the downward move from the $3,518 swing high to the $3,230 low. However, the price seems to be facing <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-bottom-3240/" target="_blank" rel="noopener ">strong resistance</a> near the $3,420 zone. 
There is also a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD. Ethereum is still trading below $3,420 and the 100-hourly Simple Moving Average. 
On the upside, the price is facing hurdles near the trend line and $3,420. The first major resistance is near the $3,450 level. It is close to the 76.4% Fib retracement level of the downward move from the $3,518 swing high to the $3,230 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_f25a09.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626394 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_f25a09.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_f25a09.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_f25a09.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_f25a09.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_f25a09.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_f25a09.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_f25a09.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_f25a09.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A close above the $3,450 level might send Ethereum toward the $3,520 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher. The next key resistance sits at $3,620, above which the price might gain traction and rise toward the $3,650 level. Any more gains could send Ether toward the $3,720 resistance zone. 
<h2 id="another-drop-in-eth">Another Drop In ETH?</h2> 
If Ethereum fails to clear the $3,420 resistance, it could start another decline. Initial support on the downside is near $3,375. The first major support sits near the $3,350 zone. 
A clear move below the $3,350 support might push the price toward $3,280. Any more losses might send the price toward the $3,240 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 – $3,300 
Major Resistance Level – $3,420

Ethereum Price Faces Recovery Hurdle: Examining The Roadblocks Ahead

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