TA: Ethereum Dives Below $3K, Can The Bulls Save Day?

Ethereum started a sharp decline from $3,180 against the US Dollar. ETH bulls must protect the $2,950 support to avoid a trend change in the near term. Ethereum failed to gain strength above $3,150 and started a fresh decline. The price is now trading above $3,030 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $2,950 support to avoid more downsides in the near term. Ethereum Price Dips Ethereum attempted a clear move above the $3,150 resistance zone. However, ETH failed to gain strength above the $3,150 level and formed a short-term top near $3,180. A high was formed at $3,179 and the price started a sharp decline. There was a clear move below the $3,100 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD. Ether price declined below the 50% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. The price even tested the $2,950 support zone. It seems like the bulls are defending the 76.4% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. On the upside, an initial resistance is seen near the $3,020 level. The next major resistance is near the $3,030 level. Source: ETHUSD on TradingView.com The main resis...