Ethereum

Resistance

Ethereum price is moving higher above the $3,120 resistance zone. ETH could start a fresh rally if it clears the $3,280 resistance zone. 
<ul> 
 <li>Ethereum is recovering higher and approaching the $3,280 resistance zone.</li> 
 <li>The price is trading above $3,100 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above two connecting bearish trend lines with resistance at $3,070 and $3,150 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if it closes above the $3,250 zone.</li> 
</ul> 
<h2 id="ethereum-price-regains-strength">Ethereum Price Regains Strength</h2> 
Ethereum price formed a base above the $2,850 level and started a recovery wave, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pump-66k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH cleared a few key hurdles near $3,000 to enter a positive zone. 
There was a break above two connecting bearish trend lines with resistance at $3,070 and $3,150 on the hourly chart of ETH/USD. The pair surpassed the 50% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low. 
Ethereum is now trading above $3,120 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-faces-test-2850/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. It is also consolidating above the 76.4% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low. Immediate resistance is near the $3,200 level. 
The first major resistance is near the $3,250 level. The next key resistance sits at $3,280, above which the price might gain traction and rise toward the $3,350 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_664f33.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-604379" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_664f33.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_664f33.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_664f33.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_664f33.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_664f33.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_664f33.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_664f33.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_664f33.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> 
A close above the $3,350 resistance could send the price toward the $3,420 pivot level. If there is a move above the $3,420 resistance, Ethereum could even climb toward the $3,550 resistance. Any more gains could send Ether toward the $3,880 resistance zone in the coming days. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,250 resistance, it could start another decline. Initial support on the downside is near the $3,150 level. The first major support is near the $3,120 zone and the 100-hourly Simple Moving Average. 
A clear move below the $3,120 support might increase selling pressure and send the price toward $3,020. Any more losses might send the price toward the $2,965 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $3,150 
Major Resistance Level – $3,280

Ethereum Price Hints At Potential Fresh Rally, Buy The Dip?

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