TA: Ethereum Tops Near Key Juncture, Why Bulls Could Struggle

Ethereum failed to clear a major hurdle near $3,165 against the US Dollar. ETH price is declining and it remains at a risk of a move below $2,800. Ethereum started an upside correction above $3,000, but it failed near $3,165. The price is now trading below $3,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $3,030 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend decline if it breaks the $2,900 support zone in the near term. Ethereum Price Is Trimming Gains Ethereum started a fresh increase from the $2,740 low, similar to bitcoin. ETH broke the $2,950 and $3,000 resistance levels. It also cleared the $3,100 level and the 100 hourly simple moving average. However, the bears protected a major refection zone near $3,165. A high was formed near $3,165 and the price started a fresh decline. Ether price declined below the $3,100 and $3,050 support levels. The price even traded below the 50% Fib retracement level of the upward move from the $2,740 swing low to $3,165 high. It is now trading below $3,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $3,030 on the hourly chart of ETH/USD. On the upside, an immediate resistance is near the $3,000 level and the 100 hourly simple moving average. Source: ETHUSD on TradingView.com The first major resistance is near the $3,030 level. A break a...