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Home»EXCHANGE NEWS»Ethereum faces an uphill battle: can it overcome its challenges?
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Ethereum faces an uphill battle: can it overcome its challenges?

By Crypto FlexsMay 31, 20242 Mins Read
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Ethereum faces an uphill battle: can it overcome its challenges?
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Ethereum price extended its decline and tested the $3,720 support. ETH is currently consolidating near the $3,800 level and faces many obstacles.

  • Ethereum extended its decline and tested the $3,720 range.
  • The price is trading below $3,820 and the 100-hour simple moving average.
  • There is a new bearish trend line forming at resistance $3,810 on the hourly chart of ETH/USD (data feed via Kraken).
  • A break above the support level of $3,720 could lead to the pair continuing to fall.

Ethereum price maintains support

Ethereum price remained in a bearish range for the short term, falling below the $3,800 support range like Bitcoin. ETH also traded below the 50% Fib retracement level, rising from the $3,631 swing low to the $3,975 high.

However, the bulls remained active near the $3,720 support zone. They protected the 76.4% Fib retracement level from the $3,631 swing low to the $3,975 high.

Ethereum price is currently trading below $3,800 and the 100-hour simple moving average. If there is a fresh increase, ETH may face resistance near the $3,800 level. Additionally, there is a new bearish trendline on the hourly chart of ETH/USD with resistance forming at $3,810.

The first major resistance is near the $3,850 level. An upside reversal above the $3,850 resistance could push the price higher. The next major resistance level is $3,890, above which the price may gain traction and advance towards the $3,950 level.

If bulls push Ethereum above the $3,950 level, the price could move higher and test the $4,000 resistance. Further gains could push Ether towards the $4,080 resistance zone.

Will there be more losses in ETH?

If Ethereum fails to clear the $3,800 resistance, it may continue to fall. Initial support for the downside is near the $3,720 level.

The next major support level is near the $3,640 area. A clear break below the $3,640 support could push the price towards $3,550. More losses could push the price towards the $3,500 level in the near term.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.

RSI per hour – The RSI for ETH/USD is now below the 50 area.

Key Support Level – $3,720

Key Resistance Level – $3,800

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