TA: Ethereum Drops Below $2,800, Why The Bulls Might Struggle

Ethereum extended decline below the $2,800 support zone against the US Dollar. ETH price is declining and might even trade below the $2,675 support zone. Ethereum started a downside correction below the $2,880 support zone. The price is now trading below $2,800 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $2,800 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend decline towards the $2,550 support if it breaks the $2,675 support. Ethereum Price Extends Decline Ethereum failed to start a fresh increase above the $2,950 resistance level. ETH started another decline and traded below the key $2,880 support zone. There was a clear move below the 50% Fib retracement level of the key increase from the $2,560 swing low to $3,043 high. Ether price even settled below the $2,800 support zone and the 100 hourly simple moving average. It is now trading below the 61.8% Fib retracement level of the key increase from the $2,560 swing low to $3,043 high. There is also a key bearish trend line forming with resistance near $2,800 on the hourly chart of ETH/USD. On the upside, ether price is facing resistance near the $2,760 level. Source: ETHUSD on TradingView.com The first major resistance is seen near the $2,800 level (the recent breakdown zone) and the trend line zone. A clear move above the $2,800 level might open the doors for a steady increase. The next ma...