Ethereum

Resistance

Ethereum price is consolidating above the $3,450 support zone. ETH must clear $3,560 and $3,620 to start a fresh increase in the near term. 
<ul> 
 <li>Ethereum is trading in a range above the $3,450 support zone.</li> 
 <li>The price is trading above $3,500 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a new connecting bearish trend line forming with resistance at $3,550 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if it stays above the $3,420 support zone.</li> 
</ul> 
<h2 id="ethereum-price-eyes-upside-break">Ethereum Price Eyes Upside Break</h2> 
Ethereum price attempted <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-bullish-pattern-3600/" target="_blank" rel="noopener ">another increase</a> above the $3,550 resistance. ETH even climbed above $3,600, but the upsides were limited like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-upside-break-75k/" target="_blank" rel="noopener ">Bitcoin</a>. A high was formed at $3,614 before the price trimmed gains. 
It declined below $3,500 and treaded as low as $3,476. The price is again recovering and moving above $3,500. There was a move above the 23.6% Fib retracement level of the recent decline from the $3,614 swing high to the $3,476 low. 
Ethereum is now trading above $3,500 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,550 level or the 50% Fib retracement level of the recent decline from the $3,614 swing high to the $3,476 low. There is also a new connecting bearish trend line forming with resistance at $3,550 on the hourly chart of ETH/USD. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_c36dd2.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-602796" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_c36dd2.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_c36dd2.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_c36dd2.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_c36dd2.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_c36dd2.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_c36dd2.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_c36dd2.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_c36dd2.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 first major resistance is near the $3,620 level. The next key resistance sits at $3,650, above which the price might test the $3,720 level. The key hurdle could be $3,750, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,820 zone. If there is a move above the $3,820 resistance, Ethereum could even rise toward the $4,000 resistance. 
<h2 id="another-rejection-in-eth">Another Rejection In ETH?</h2> 
If Ethereum fails to clear the $3,550 resistance, it could start another decline. Initial support on the downside is near the $3,500 level. 
The first major support is near the $3,475 zone. The next key support could be the $3,420 zone. A clear move below the $3,420 support might send the price toward $3,320. Any more losses might send the price toward the $3,240 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 above the 50 level. 
Major Support Level – $3,475 
Major Resistance Level – $3,550

Ethereum Price Faces Crucial Test, Can ETH Clear This Hurdle To Kickstart Rally?

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