TA: Ethereum Fails above $3K, Can Bulls Make it?

Ethereum attempted a steady increase above $3,000 against the US Dollar. ETH price failed near $3,050 and started a downside correction. Ethereum started a downside correction after it failed to clear $3,050. The price is now trading above $2,900 and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $2,965 on the hourly chart of ETH/USD (data feed via Kraken). The pair is consolidating above $2,900 and might start another increase in the near term. Ethereum Price Remains Supported Ethereum started a steady increase above the $2,850 resistance zone. ETH cleared the $2,920 and $2,950 resistance levels to move further into a positive zone. The price even gained pace above the $3,000 level and settled above the 100 hourly simple moving average. A high was formed near $3,054 and the price is now correcting gains. It corrected a few points below the $3,000 support zone. There was a move below the 50% Fib retracement level of the upward move from the $2,885 swing low to $3,054 high. It is now trading above $2,900 and the 100 hourly simple moving average. There is also a major contracting triangle forming with resistance near $2,965 on the hourly chart of ETH/USD. The triangle support is near the 76.4% Fib retracement level of the upward move from the $2,885 swing low to $3,054 high. Source: ETHUSD on TradingView.com If there is a fresh increase, the price might clear the $2,965 a...