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

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…

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