TA: Ethereum Prints Bearish Technical Pattern, Why It Could Nosedive

Ethereum failed to recover above the $3,120 pivot zone against the US Dollar. ETH price is declining and it could extend its losses below $2,950. Ethereum struggled to recover above the $3,120 and $3,125 resistance levels. The price is now trading below $3,080 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if there is a close below the $2,950 low. Ethereum Price Remains At Risk Ethereum started an upside correction from the $2,950 low, similar to bitcoin. ETH price surpassed the $3,000 and $3,050 resistance levels. There was a break above the 23.6% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low. Ether even spiked above the $3,100 level, but there was no upside continuation above the $3,120 resistance level (the last key breakdown zone). The price also remained well below $3,150 and the 100 hourly simple moving average. It seems like ether was rejected near the 50% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low. There is also a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH/USD. It is now moving lower and trading below the $3,000 support. On the upside, an initial resistance is near the $3,025 level. Source: ETHUSD on TradingView.com The first key resistance is now forming ...