TA: Ethereum Turns Red Below $3.4K, Why Upsides Might Be Capped

Ethereum started a sharp decline from the $3,530 zone against the US Dollar. ETH price dived to $3,260 and is currently correcting higher. Ethereum started a major decline from the $3,530 resistance zone. The price is now trading below $3,400 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $3,460 on the hourly chart of ETH/USD (data feed via Kraken). The pair could face a major resistance near the $3,425 and $3,450 levels. Ethereum Price Dives 5% Ethereum struggled to gain pace above the $3,525 and $3,530 resistance levels. ETH topped near the $3,525 level and started a major decline. The price declined below the $3,450 and $3,420 support levels. There was also a move below the $3,400 level and the 100 hourly simple moving average. Finally, there was a sharp decline below the $3,300 level. It traded as low as $3,261 and is currently correcting losses. There was a recovery wave above the $3,300 level. It broke the 23.6% Fib retracement level of the recent decline from the $3,580 swing high to $3,261 low. The price is now facing resistance near the $3,400 level. The next major resistance is near the $3,420 level. It coincides with the 50% Fib retracement level of the recent decline from the $3,580 swing high to $3,261 low. There is also a major bearish trend line forming with resistance near $3,460 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com If ethe...