TA: Ethereum Breaks Key Support, Why Decline Isn’t Over Yet

Ethereum gained bearish momentum below the $3,100 level against the US Dollar. ETH price extended decline and settled below the $3,000 support zone. Ethereum started another decline and traded below the key $3,000 support. The price is now trading below $3,050 and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $2,990 on the hourly chart of ETH/USD (data feed via Kraken). The pair could recover, but upsides might be capped near the $3,035 level. Ethereum Price Extends Decline Ethereum remained in a bearish zone below the $3,120 level. ETH broke the key $3,000 support zone to move further into a bearish zone. The bears even pushed the price below $2,980. A low is formed near $2,951 and the price is now consolidating losses. Besides, ether price now trading below $3,050 and the 100 hourly simple moving average. On the upside, an initial resistance is seen near the $2,990 level. There is also a connecting bearish trend line forming with resistance near $2,990 on the hourly chart of ETH/USD. The next major resistance is near the $3,035 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,308 swing high to $2,951 low. A close above the $3,035 level might start a decent recovery wave. The next major resistance could be near the $3,130 level. The 50% Fib retracement level of the recent decline from the $3,308 swing high to $2,951 low is also ne...