Ethereum

Resistance

Ethereum price extended its decline below $3,200. ETH is struggling and it seems like the bears are now aiming for a move toward the $3,000 support zone. 
<ul> 
 <li>Ethereum started a downside correction below the $3,350 zone.</li> 
 <li>The price is trading below $3,350 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a major bearish trend line forming with resistance at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could resume its decline if it stays below the $3,420 and $3,500 resistance levels.</li> 
</ul> 
<h2 id="ethereum-price-breaks-support">Ethereum Price Breaks Support</h2> 
Ethereum price remained in a short-term bearish zone below the $3,550 and $3,500 levels, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-turns-red-62k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH declined below the $3,350 support level to move further in a short-term bearish zone. 
Finally, the price traded below the $3,200 support. A low was formed at $3,162 and the price is now consolidating losses. It is showing a few bearish signs below the 23.6% Fib retracement level of the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-extends-losses-3200/" target="_blank" rel="noopener ">downward wave</a> from the $3,675 swing high to the $3,162 low. 
Ethereum price is now trading below $3,350 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,280 level. The first major resistance is near the $3,350 level. 
The next key resistance sits at $3,420. There is also a major bearish trend line forming with resistance at $3,420 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the downward wave from the $3,675 swing high to the $3,162 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_05ce6f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-598757" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_05ce6f.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_05ce6f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_05ce6f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_05ce6f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_05ce6f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_05ce6f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_05ce6f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_05ce6f.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> 
The next major resistance is near $3,550, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,650 level. If there is a move above the $3,650 resistance, Ethereum could even rise toward the $3,800 resistance. Any more gains might call for a test of $4,000. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,420 resistance, it could continue to move down. Initial support on the downside is near the $3,260 level. 
The first major support is near the $3,200 zone. The next key support could be the $3,120 zone. A clear move below the $3,120 support might send the price toward $3,050. Any more losses might send the price toward the $3,000 level. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $3,260 
Major Resistance Level – $3,420

Ethereum Price Bears Aim For $3,000, Can ETH Stay Above This Support?

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