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Main Reasons $3K Could Be Tested

Ethereum started a fresh decline after it faced rejection near $3,300 against the US Dollar. ETH price could extend decline towards $3,000 in the near term.

Ethereum started a fresh decline after it faced rejection near $3,280 and $3,300.
The price is now trading below $3,220 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend decline to $3,000 if it trades below the $3,150 support.

Ethereum Price Resumes Decline
Ethereum attempted an upside correction above the $3,220 level. ETH even moved above the $3,250 level, but the bears appeared near the $3,300 level.
A high was formed near $3,307 and the price started a fresh decline. There was a clear move below the $3,250 and $3,220 support levels. Ether even traded below a connecting bullish trend line with support near $3,220 on the hourly chart.
It is now trading below $3,200 and the 100 hourly simple moving average. A low is formed near $3,154 and the price is now consolidating losses.
On the upside, an initial resistance is seen near the $3,190 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,307 swing high to $3,154 low. The next major resistance is near the $3,235 level.
The 50% Fib retracement level of the recent decline from the $3,307 swing high to $3,154 low is also near $3,235. The main resistance is near the $3,260 level and the 100 hourly simple moving average. Besides, there is a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
A clear move above the $3,260 resistance and then the trend line might start a steady increase. In the stated case, the price could climb above the $3,300 zone.
More Losses in ETH?
If ethereum fails to start a fresh increase above the $3,260 level, it could continue to move down. An initial support on the downside is near the $3,150 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 resume its decline. In the stated case, the price may even decline to $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,150
Major Resistance Level – $3,260

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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