Ethereum

Resistance

Ethereum price struggled to recover above the $3,420 resistance zone. ETH is consolidating and might decline again if there is a move below $3,320. 
<ul> 
 <li>Ethereum is struggling to gain pace for a move above the $3,420 zone.</li> 
 <li>The price is trading below $3,400 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $3,400 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair must clear the $3,400 and $3,425 resistance levels to continue higher.</li> 
</ul> 
<h2 id="ethereum-price-faces-hurdles">Ethereum Price Faces Hurdles</h2> 
Ethereum price started a decent recovery wave above the $3,320 level. ETH even cleared the $3,350 level but the bears were active near $3,420. A high was formed at $3,426 and the price corrected gains like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dive-60k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move below the $3,380 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $3,230 swing low to the $3,426 high. The bulls are now trying to protect more downsides below the $3,320 level. 
Ethereum is still trading below $3,400 and the 100-hourly Simple Moving Average. On the upside, the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-hurdle-3420/" target="_blank" rel="noopener ">price is facing hurdles</a> near the trend line and $3,400. There is also a connecting bearish trend line forming with resistance near $3,400 on the hourly chart of ETH/USD. 
The first major resistance is near the $3,420 level. The main resistance is near the $3,450 level. A close above the $3,450 level might send Ether toward the $3,550 resistance. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626606 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_ec6157.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance is near $3,620. An upside break above the $3,620 resistance might send the price higher. The next hurdle sits at $3,680, above which the price might gain traction and rise toward the $3,720 level. Any more gains could send Ether toward the $3,880 resistance zone. 
<h2 id="another-drop-in-eth">Another Drop In ETH?</h2> 
If Ethereum fails to clear the $3,400 resistance, it could start another decline. Initial support on the downside is near $3,350. The first major support sits near the $3,320 zone and the 50% Fib retracement level of the upward move from the $3,230 swing low to the $3,426 high. 
A clear move below the $3,320 support might push the price toward $3,250. Any more losses might send the price toward the $3,200 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 above the 50 zone. 
Major Support Level – $3,320 
Major Resistance Level – $3,400

Ethereum Price Roadblocks: What’s Hindering A Fresh Increase?

Table of Contents

NewsBTC

Other articles published on Jun 27, 2024

Ethereum Bulls Face Steep Uphill Battle: The Vital Levels to Watch Out For

Top Five ‘Solana Killer’ Ready To Shake The Crypto Market According to Latest Researches

The Best Crypto Presales To Buy Before The End Of June 2024

MoonBag Tops Chart For the Top Crypto Presale in 2024, Sealana & Kangamoon Falter

Analyst Spots 2022-Like Pattern in Solana: Is a Major Bull Run Imminent?

Microsoft and Amazon expand gaming accessibility with Xbox app on Fire TV sticks

Join our free newsletter for daily crypto updates!