Ethereum

Resistance

Ethereum price failed to clear the $3,650 resistance. ETH declined again after the Fed decision and now shows bearish signs below the $3,550 level. 
<ul> 
 <li>Ethereum started a fresh decline below the $3,580 support zone.</li> 
 <li>The price is trading below $3,550 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a major bearish trend line forming with resistance near $3,610 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend losses if it stays below the $3,600 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-dips-again">Ethereum Price Dips Again</h2> 
Ethereum price attempted a recovery wave above the $3,550 and $3,580 resistance levels. However, ETH failed to settle above the $3,650 level and started another decline. There was a steady decline below the $3,580 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-70k-2/" target="_blank" rel="noopener ">Bitcoin</a>. 
The price declined below the <a href="https://www.newsbtc.com/news/ethereum-price-slips-3430/" target="_blank" rel="noopener ">$3,550 support level</a>. There was a move below the 61.8% Fib retracement level of the upward move from the $3,431 swing low to the $3,655 high. 
Ethereum is now trading below $3,550 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance near $3,610 on the hourly chart of ETH/USD. If there is a fresh increase, the price might face resistance near the $3,580 level. 
The first major resistance is near the $3,600 level and the trend line. An upside break above the $3,600 resistance might send the price higher. The next key resistance sits at $3,650, above which the price might gain traction and rise toward the $3,720 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-624345 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_3fad0b.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $3,720 level might call for a test of the $3,800 resistance. Any more gains could send Ether toward the $3,880 resistance zone. 
<h2 id="more-downsides-in-eth">More Downsides In ETH?</h2> 
If Ethereum fails to clear the $3,600 resistance, it could continue to move down. Initial support on the downside is near $3,480 and the 76.4% Fib retracement level of the upward move from the $3,431 swing low to the $3,655 high. The next major support is near the $3,420 zone. 
A clear move below the $3,420 support might push the price toward $3,320. Any more losses might send the price toward the $3,250 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 zone. 
Major Support Level – $3,420 
Major Resistance Level – $3,600

Ethereum Price Slippery Slope: More Downside Risks in Sight

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