Ethereum

Resistance

Ethereum price is attempting a recovery wave above the $3,125 zone. ETH must clear the $3,200 resistance to continue higher in the near term. 
<ul> 
 <li>Ethereum extended losses and tested the $3,075 support zone.</li> 
 <li>The price is trading below $3,180 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move down if it trades below the $3,125 support.</li> 
</ul> 
<h2 id="ethereum-price-faces-resistance">Ethereum Price Faces Resistance</h2> 
Ethereum price <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-faces-rejection-3280/" target="_blank" rel="noopener ">struggled to recover</a> and extended losses below the $3,100 level. ETH traded as low as $3,074 and is currently attempting another recovery wave, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-turns-red-63k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a minor increase above the $3,125 resistance. The price climbed above the 23.6% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low. However, the bears are active near the $3,200 resistance zone. 
Ethereum is now trading below $3,180 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD. Immediate resistance is near the $3,180 level and the 100-hourly Simple Moving Average. 
The first major resistance is near the $3,200 level or the 61.8% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_450c4e.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-605180" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_450c4e.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_450c4e.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_450c4e.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_450c4e.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_450c4e.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_450c4e.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_450c4e.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_450c4e.png?resize=1024%2C449?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 $3,240, above which the price might gain traction and rise toward the $3,280 level. A close above the $3,280 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,550 resistance zone. 
<h2 id="more-downsides-in-eth">More Downsides In ETH?</h2> 
If Ethereum fails to clear the $3,180 resistance, it could continue to move down. Initial support on the downside is near the $3,125 level. The first major support is near the $3,075 zone. 
The main support is near the $3,030 level. A clear move below the $3,030 support might set the pace for more losses and send the price toward $2,880. Any more losses might send the price toward the $2,750 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 level. 
Major Support Level – $3,125 
Major Resistance Level – $3,200

Ethereum Price Faces Crucial Test: Will $3,200 Withstand The Pressure?

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