Ethereum

Resistance

Ethereum price started a downside correction from the $3,150 zone. ETH is holding gains and might start another increase from the $3,000 support. 
<ul> 
 <li>Ethereum started a downside correction after the bears defended $3,150.</li> 
 <li>The price is trading above $3,000 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh increase unless there is a close below the $3,000 support.</li> 
</ul> 
<h2 id="ethereum-price-holds-ground">Ethereum Price Holds Ground</h2> 
Ethereum price gained pace after it settled above the $3,000 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-66k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH even cleared the $3,050 level before the bears appeared near $3,150. A new weekly high was formed at $3,144 and the price recently started a downside correction. 
There was a move below the $3,100 level. Ether dipped below the 23.6% Fib retracement level of the upward move from the $2,927 swing low to the $3,144 high. 
Ethereum is now trading above $3,000 and the <a href="https://www.newsbtc.com/all/ethereum-price-correction-2925/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. The bulls are active near the $3,065 support and they are protecting the 50% Fib retracement level of the upward move from the $2,927 swing low to the $3,144 high. 
Immediate resistance is near the $3,080 level. There is also a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH/USD. The first major resistance is near the $3,150 level. An upside break above the $3,150 resistance might send the price higher. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_142dbc.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-608854 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_142dbc.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_142dbc.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_142dbc.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_142dbc.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_142dbc.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_142dbc.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_142dbc.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_142dbc.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance sits at $3,200, above which the price might gain traction and rise toward the $3,250 level. If there is a clear move above the $3,250 level, the price might rise and test the $3,320 resistance. Any more gains could send Ether toward the $3,500 resistance zone. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,080 resistance and the trend line, it could continue to move down. Initial support on the downside is near the $3,065 level. 
The next major support is near the $3,000 zone. A clear move below the $3,000 support might push the price toward $2,980. Any more losses might send the price toward the $2,860 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $3,000 
Major Resistance Level – $3,080

Ethereum Price Dips: Bulls To Scoop Up the Opportunity?

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