TA: Ethereum Restarts Decline, Can Bulls Save The Day

Ethereum extended decline below the $2,600 support zone against the US Dollar. ETH price could even retest $2,445, where the bulls might appear. Ethereum remained in a bearish zone below the $2,650 support. The price is now trading below $2,600 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $2,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend decline if it fails to stay above $2,500 and $2,445. Ethereum Price Turns Red Ethereum started a fresh decline from well above $2,700. ETH traded below the $2,650 and $2,600 support levels to move into the red zone. There was also a close below the $2,600 level and the 100 hourly simple moving average. Ether price traded as low as $2,525 and is currently consolidating losses. An immediate resistance on the upside is near the $2,585 level. It is near the 23.6% Fib retracement level of the recent decline from the $2,775 swing high to $2,525 low. The first major resistance is seen near the $2,620 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $2,600 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The next major resistance is near the $2,650 level. It is near the 50% Fib retracement level of the recent decline from the $2,775 swing high to $2,525 low. A close above the $2,650 resistance could start a steady increase. In...