TA: Ethereum Retests Key Support, What Could Trigger More Downsides

Ethereum failed to clear the $3,280 resistance and corrected lower against the US Dollar. ETH price must stay above $3,140 to avoid more downsides in the near term. Ethereum seems to be facing a strong resistance near $3,280 and $3,300. The price is now trading below $3,200 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $3,185 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue lower if it fails to stay above the $3,140 support zone. Ethereum Price is Facing Hurdles Ethereum made another attempt to gain strength above $3,260 and $3,280. However, ETH price failed to continue higher above $3,280 and started a downward move, similar to bitcoin. The price broke the $3,220 and $3,200 support levels. There was also a break below a key bullish trend line with support near $3,185 on the hourly chart of ETH/USD. The pair settled below $3,200 and the 100 hourly simple moving average. Ether tested the $3,150 and $3,140 support levels. A low is formed near $3,142 and the price is now consolidating losses. An immediate resistance is near the $3,170 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,260 swing high to $3,142 low. Source: ETHUSD on TradingView.com On the upside, the first key resistance is near the $3,200 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent...