Ethereum

Resistance

Ethereum price failed to continue higher above the $3,725 resistance zone. ETH trimmed gains and now consolidates near the $3,475 support. 
<ul> 
 <li>Ethereum failed to climb higher above the $3,725 resistance level.</li> 
 <li>The price is trading near $3,500 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a key bullish trend line with support at $3,510 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh increase if it stays above the $3,420 support zone.</li> 
</ul> 
<h2 id="ethereum-price-faces-rejection">Ethereum Price Faces Rejection</h2> 
Ethereum price started a decent increase above the $3,550 resistance. ETH even cleared the $3,650 resistance zone, but the bears were active near $3,725. A high was formed at $3,726 and the price started a fresh decline, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-fails-again-72k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move below the $3,600 and $3,550 levels. There was a break below a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-move-to-4k/" target="_blank" rel="noopener ">key bullish trend line</a> with support at $3,510 on the hourly chart of ETH/USD. The pair even spiked below the 50% Fib retracement level of the upward move from the $3,224 swing low to the $3,726 low. 
Ethereum is now trading near $3,500 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,520 level. The first major resistance is near the $3,560 level. The next key resistance sits at $3,610, above which the price might test the $3,650 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f42fb1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-602375" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f42fb1.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f42fb1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f42fb1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f42fb1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f42fb1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f42fb1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f42fb1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f42fb1.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> 
The main resistance is now near $3,725, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,800 zone. If there is a move above the $3,800 resistance, Ethereum could even rise toward the $4,000 resistance. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,610 resistance, it could continue to move down. Initial support on the downside is near the $3,475 level. 
The first major support is near the $3,420 zone or the 61.8% Fib retracement level of the upward move from the $3,224 swing low to the $3,726 low. The next key support could be the $3,340 zone. A clear move below the $3,340 support might send the price toward $3,240. Any more losses might send the price toward the $3,120 level. 
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 level. 
Major Support Level – $3,420 
Major Resistance Level – $3,610

Ethereum Price Trims Gains, Are Dips Still Attractive In Near Term?

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