TA: Ethereum Below This Support Could Spark Another Sharp Decline

Ethereum failed to clear $2,800 and corrected gains against the US Dollar. ETH price must stay above the $2,600 support to avoid more downsides. Ethereum started a downside correction after it failed to surpass the $2,800 resistance. The price is now trading near $2,650 and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $2,645 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a major decline if there is a move below $2,645 and $2,600. Ethereum Price Dips Ethereum made another attempt to clear the $2,800 resistance zone. ETH formed a high near $2,814 and started a fresh decline. There was a clear move below the $2,750 support level. The price even spiked below the 50% Fib retracement level of the upward move from the $2,478 swing low to $2,815 high. It is now trading near $2,650 and the 100 hourly simple moving average. Besides, there was a test of the key $2,600 support level. Ether price stayed above the 61.8% Fib retracement level of the upward move from the $2,478 swing low to $2,815 high. There is also a crucial bullish trend line forming with support near $2,645 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $2,700 level. The first major resistance is near the $2,750 level. The main resistance for a larger increase is near the $2,800 level. A convincing move above the $2,800 resistance could stage a strong u...