TA: Ethereum Takes Hit: Main Reasons $3K Could Be Tested

Ethereum started a fresh decline after it faced rejection near $3,300 against the US Dollar. ETH price could extend decline towards $3,000 in the near term. Ethereum started a fresh decline after it faced rejection near $3,280 and $3,300. The price is now trading below $3,220 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend decline to $3,000 if it trades below the $3,150 support. Ethereum Price Resumes Decline Ethereum attempted an upside correction above the $3,220 level. ETH even moved above the $3,250 level, but the bears appeared near the $3,300 level. A high was formed near $3,307 and the price started a fresh decline. There was a clear move below the $3,250 and $3,220 support levels. Ether even traded below a connecting bullish trend line with support near $3,220 on the hourly chart. It is now trading below $3,200 and the 100 hourly simple moving average. A low is formed near $3,154 and the price is now consolidating losses. On the upside, an initial resistance is seen near the $3,190 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,307 swing high to $3,154 low. The next major resistance is near the $3,235 level. The 50% Fib retracement level of the recent decline from the $3,307 swing high to $3,154 low is also near $3,235. The main resistance is...