Ethereum

Resistance

Ethereum price extended its decline and tested the $3,720 support. ETH is now consolidating and facing many hurdles near the $3,800 level. 
<ul> 
 <li>Ethereum extended its decline and tested the $3,720 zone.</li> 
 <li>The price is trading below $3,820 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a new bearish trend line forming with resistance at $3,810 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move down if it breaks the $3,720 support.</li> 
</ul> 
<h2 id="ethereum-price-holds-support">Ethereum Price Holds Support</h2> 
Ethereum price remained in a short-term bearish zone and declined below the $3,800 support zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoins-upside-fading-70k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH even traded below the 50% Fib retracement level of the upward move from the $3,631 swing low to the $3,975 high. 
However, the bulls were active near the <a href="https://www.newsbtc.com/analysis/eth/ethereum-dips-further-3720/" target="_blank" rel="noopener ">$3,720 support zone</a>. They protected the 76.4% Fib retracement level of the upward move from the $3,631 swing low to the $3,975 high. 
Ethereum price is now trading below $3,800 and the 100-hourly Simple Moving Average. If there is a fresh increase, ETH might face resistance near the $3,800 level. There is also a new bearish trend line forming with resistance at $3,810 on the hourly chart of ETH/USD. 
The first major resistance is near the $3,850 level. An upside break above the $3,850 resistance might send the price higher. The next key resistance sits at $3,890, above which the price might gain traction and rise toward the $3,950 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_7d7d51.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-610740 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_7d7d51.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_7d7d51.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_7d7d51.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_7d7d51.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_7d7d51.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_7d7d51.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_7d7d51.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_7d7d51.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
If the bulls push Ether above the $3,950 level, the price might rise and test the $4,000 resistance. Any more gains could send Ether toward the $4,080 resistance zone. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,800 resistance, it could continue to move down. Initial support on the downside is near the $3,720 level. 
The next major support is near the $3,640 zone. A clear move below the $3,640 support might push the price toward $3,550. Any more losses might send the price toward the $3,500 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 zone. 
Major Support Level – $3,720 
Major Resistance Level – $3,800

Ethereum Faces an Uphill Battle: Can It Overcome the Challenges?

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