TA: Why Ethereum Remains At Risk of A Fresh Drop To $3K

TA: Why Ethereum Remains At Risk of A Fresh Drop To $3K

Ethereum is struggling to climb above $3,500 against the US Dollar. ETH price is moving lower and it could decline further below the $3,200 support zone

Ethereum failed to clear the $3,450 level and started a fresh decline. The price is now trading well below $3,400 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $3,400 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its decline if there is a clear break below the $3,200 support zone. Ethereum Price is Struggling Below $3,400

Ethereum attempted a recovery wave above the $3,400 level. However, ETH struggled to clear the $3,450 resistance and it even failed to stay above the 100 hourly simple moving average.

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A high was formed near $3,450 and the price started a fresh decline, similar to bitcoin. There was a break below the $3,350 and $3,320 support levels. Ether traded

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