Ethereum

Strong

Resistance

Ethereum price is consolidating near the $3,000 zone. ETH could start a decent recovery wave if it clears the $3,100 and $3,200 resistance levels. 
<ul> 
 <li>Ethereum is struggling to recover above the $3,100 resistance zone.</li> 
 <li>The price is trading below $3,120 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a major bearish trend line forming with resistance at $3,035 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start another decline if it stays below the $3,100 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-holds-ground">Ethereum Price Holds Ground</h2> 
Ethereum price slowly moved lower after it failed to clear the $3,200 resistance zone. ETH remained in a bearish zone below $3,100 and showed bearish signs, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-at-break-moment-60k/" target="_blank" rel="noopener ">Bitcoin</a>. 
Recently, the bears were able to push the price below the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-stuck-3k/" target="_blank" rel="noopener ">$3,000 support zone</a>. However, the bulls were active near the 50% Fib retracement level of the upward wave from the $2,535 swing low to the $3,279 high. Ethereum is now trading below $3,120 and the 100-hourly Simple Moving Average. 
Immediate resistance is near the $3,030 level. There is also a major bearish trend line forming with resistance at $3,035 on the hourly chart of ETH/USD. The first major resistance is near the $3,100 level and the 100-hourly Simple Moving Average. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_42e8b4.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-603774" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_42e8b4.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_42e8b4.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_42e8b4.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_42e8b4.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_42e8b4.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_42e8b4.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_42e8b4.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_42e8b4.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 key resistance sits at $3,200, above which the price might rise toward the $3,280 level. A close above the $3,280 resistance could send the price toward the $3,500 pivot level. If there is a move above the $3,500 resistance, Ethereum could even climb toward the $3,650 resistance in the coming sessions. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,100 resistance, it could start another decline. Initial support on the downside is near the $3,000 level. The first major support is near the $2,900 zone. 
The next key support could be the $2,820 zone or the 61.8% Fib retracement level of the upward wave from the $2,535 swing low to the $3,279 high. A clear move below the $2,820 support might send the price toward $2,600. Any more losses might send the price toward the $2,550 level in the near term. 
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 – $2,900 
Major Resistance Level – $3,100

Ethereum Price Holds Strong At $3K But Can Bulls Clear This Hurdle?

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