Ethereum

Resistance

Ethereum price started a recovery wave above the $3,000 zone. ETH is now above the 100-hourly simple moving average and facing hurdles. 
<ul> 
 <li>Ethereum found support at $2,820 and started a recovery wave.</li> 
 <li>The price is trading above $3,100 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support at $3,110 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if it clears the $3,165 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-holds-ground">Ethereum Price Holds Ground</h2> 
Ethereum price remained stable and started a recovery wave above the $3,000 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-65k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH was able to clear the $3,050 and $3,120 resistance levels. 
However, the bears were active near the $3,165 resistance zone. A high was formed at $3,168 and the price started a downside correction. There was a minor move below the $3,150 level. The price is now stable above the 23.6% Fib retracement level of the upward move from the $2,813 swing low to the $3,168 high. 
Ethereum is also above $3,100 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-100-sma-resistance/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. Besides, there is a key bullish trend line forming with support at $3,110 on the hourly chart of ETH/USD. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_911efc.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-606649" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_911efc.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_911efc.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_911efc.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_911efc.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_911efc.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_911efc.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_911efc.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_911efc.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> 
Immediate resistance is near the $3,165 level. The first major resistance is near the $3,200 level. The next key resistance sits at $3,250, above which the price might gain traction and rise toward the $3,350 level. If the bulls remain in action and push the price above $3,350, there could be a drift toward the $3,500 resistance. Any more gains could send Ether toward the $3,620 resistance zone. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,165 resistance, it could start another decline. Initial support on the downside is near the $3,100 level and the trend line. The first major support is near the $3,000 zone or the 50% Fib retracement level of the upward move from the $2,813 swing low to the $3,168 high. 
The main support is near the $2,940 level. A clear move below the $2,940 support might push the price toward $2,820. Any more losses might send the price toward the $2,650 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 level. 
Major Support Level – $3,000 
Major Resistance Level – $3,165

Ethereum Price Reclaims 100 SMA But Bulls Still Lack Strength To Clear Hurdles

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