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…