Ethereum

Resistance

Ethereum price started a downside correction below $3,650. ETH traded below $3,500 and is currently attempting a decent recovery wave in the near term. 
<ul> 
 <li>Ethereum started a downside correction below the $3,700 zone.</li> 
 <li>The price is trading below $3,700 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance at $3,660 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could resume its increase if it clears the $3,750 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-dips">Ethereum Price Dips</h2> 
Ethereum price started a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-takes-hit-3680/" target="_blank" rel="noopener ">downside correction</a> below the $3,800 and $3,700 levels, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-slides-68k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH declined below the $3,650 support level to enter a short-term bearish zone. 
It even spiked below the $3,500 support zone. A low was formed at $3,414 and the price is now attempting a recovery wave. There was a move above the $3,500 level. Ether climbed above the 23.6% Fib retracement level of the downward move from the $4,084 swing high to the $3,414 low. 
Ethereum price is now trading below $3,700 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,650 level. There is also a key bearish trend line forming with resistance at $3,660 on the hourly chart of ETH/USD. 
The first major resistance is near the $3,750 level or the 50% Fib retracement level of the downward move from the $4,084 swing high to the $3,414 low. The next major resistance is near $3,830, above which the price might gain bullish momentum. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_3dd00f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-598385" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_3dd00f.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_3dd00f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_3dd00f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_3dd00f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_3dd00f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_3dd00f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_3dd00f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_3dd00f.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> 
In the stated case, Ether could rally toward the $3,925 level. If there is a move above the $3,925 resistance, Ethereum could even rise toward the $4,000 resistance. Any more gains might call for a test of $4,080. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,650 resistance, it could start a fresh decline. Initial support on the downside is near the $3,520 level. 
The first major support is near the $3,500 zone. The next key support could be the $3,420 zone. A clear move below the $3,420 support might send the price toward $3,350. Any more losses might send the price toward the $3,250 level. 
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 level. 
Major Support Level – $3,500 
Major Resistance Level – $3,650

Ethereum Price Grinds Lower, Why Pullback Is Not Over Yet

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