Ethereum Topside Bias Vulnerable If ETH Dives Below $3,120

Ethereum

Ethereum extended losses below the $3,300 support zone against the US Dollar. ETH price even traded below $3,200 and might continue to move down.

Ethereum started a major decline from the $3,450 resistance zone.
The price is now trading below $3,200 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $3,425 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains at a risk of more losses below the $3,140 and $3,120 levels.

Ethereum Price Extends Downsides
Ethereum formed a top and started a major decline below the $3,400 level. ETH even traded below the $3,340 level to move further into a bearish zone.
The bears gained pace for a move below the $3,300 level and the 100 hourly simple moving average. Ether even spiked below the $3,200 level and traded as low as $3,143. It is now consolidating above the $3,150 level. It is trading below $3,200 and the 100 hourly simple moving average.
On the upside, an initial resistance is seen near the $3,240 level. It is close to the 23.6% Fib retracement level of the recent decline from the $3,548 swing high to $3,143 low.
The next major resistance is near the $3,345 level. It coincides with the 50% Fib retracement level of the recent decline from the $3,548 swing high to $3,143 low. The main resistance is now forming near the $3,400 level. There is also a key bearish trend line forming with resistance near $3,425 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
If ether price clears the $3,400 resistance zone, it could start a decent increase. In the stated case, the price could climb above the $3,450 zone. The next key barrier is near the $3,500 level.
More Losses in ETH?
If ethereum fails to start a fresh increase above the $3,400 level, it could continue to move down. An initial support on the downside is near the $3,140 zone.
The next major support is near the $3,120 level. If there is a downside break below the $3,120 support, the price could gain bearish momentum. In the stated case, there is a risk of a move towards the $3,000 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,120
Major Resistance Level – $3,400

bitcoin
Bitcoin (BTC) $ 64,441.27
ethereum
Ethereum (ETH) $ 3,486.29
tether
Tether (USDT) $ 0.999775
bnb
BNB (BNB) $ 586.51
solana
Solana (SOL) $ 134.42
staked-ether
Lido Staked Ether (STETH) $ 3,486.73
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.486087
dogecoin
Dogecoin (DOGE) $ 0.123903
the-open-network
Toncoin (TON) $ 7.19
cardano
Cardano (ADA) $ 0.375410
shiba-inu
Shiba Inu (SHIB) $ 0.000018
tron
TRON (TRX) $ 0.118629
avalanche-2
Avalanche (AVAX) $ 25.26
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 64,329.24
chainlink
Chainlink (LINK) $ 13.72
polkadot
Polkadot (DOT) $ 5.63
bitcoin-cash
Bitcoin Cash (BCH) $ 386.60
uniswap
Uniswap (UNI) $ 9.99
near
NEAR Protocol (NEAR) $ 5.28
wrapped-eeth
Wrapped eETH (WEETH) $ 3,625.71
litecoin
Litecoin (LTC) $ 73.97
leo-token
LEO Token (LEO) $ 5.73
matic-network
Polygon (MATIC) $ 0.565977
dai
Dai (DAI) $ 0.999360
pepe
Pepe (PEPE) $ 0.000011
fetch-ai
Fetch.ai (FET) $ 1.54
internet-computer
Internet Computer (ICP) $ 8.20
ethena-usde
Ethena USDe (USDE) $ 1.00
kaspa
Kaspa (KAS) $ 0.146551
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,508.17
ethereum-classic
Ethereum Classic (ETC) $ 23.39
aptos
Aptos (APT) $ 6.83
monero
Monero (XMR) $ 162.71
render-token
Render (RNDR) $ 7.45
hedera-hashgraph
Hedera (HBAR) $ 0.077831
stellar
Stellar (XLM) $ 0.091146
cosmos
Cosmos Hub (ATOM) $ 6.75
mantle
Mantle (MNT) $ 0.802216
arbitrum
Arbitrum (ARB) $ 0.796849
okb
OKB (OKB) $ 41.79
filecoin
Filecoin (FIL) $ 4.40
crypto-com-chain
Cronos (CRO) $ 0.092378
blockstack
Stacks (STX) $ 1.66
immutable-x
Immutable (IMX) $ 1.54
maker
Maker (MKR) $ 2,471.37
first-digital-usd
First Digital USD (FDUSD) $ 0.998438
sui
Sui (SUI) $ 0.901622
vechain
VeChain (VET) $ 0.025907
the-graph
The Graph (GRT) $ 0.215758