TA: Ethereum Prints Bearish Technical Pattern, Why ETH Could Resume Downtrend

Ethereum broke the $2,820 support to enter a bearish zone against the US Dollar. ETH remains at a risk of more downsides below the $2,740 level. Ethereum started a fresh decline after it failed to clear the $2,880 zone. The price is now trading below $2,820 and the 100 hourly simple moving average. There was a break below a key rising channel with support near $2,820 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $2,800 and $2,820 resistance levels to start a recovery wave. Ethereum Price Resumes Decline Ethereum attempted an upside break above the $2,900 resistance. However, ETH struggled to clear the $2,880 level and started a fresh decline. There was a break below the $2,850 and $2,820 support levels. The price declined sharply below the 50% Fib retracement level of the upward move from the $2,718 swing low to $2,881 high. There was also a break below a key rising channel with support near $2,820 on the hourly chart of ETH/USD. Ether price is now trading below $2,820 and the 100 hourly simple moving average. It also tested the 76.4% Fib retracement level of the upward move from the $2,718 swing low to $2,881 high. The price is now consolidating near the $2,790 level. On the upside, an initial resistance is seen near the $2,800 level and a connecting bearish trend line on the same chart. The next major resistance is near the $2,820 level and the 100 hourly simple moving average. Source: ETHUSD...