TA: Ethereum Prints Bearish Pattern, Why It Could Correct To $2.8K

Ethereum failed to surpass $3,050 and corrected lower against the US Dollar. ETH price is declining and might test the $2,800 support zone in the near term. Ethereum failed to continue higher above $3,040 and started a downside correction. The price is now trading above $2,880 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $2,960 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend decline towards the $2,800 support if it breaks the 100 hourly SMA. Ethereum Price Corrects Lower Ethereum was able to surpass the $3,000 resistance level. However, ETH failed to gain momentum above the $3,040 level. A high was formed near $3,042 and the price started a downside correction. There was a move below the $3,000 and $2,950 levels. Besides, there was a break below a key bullish trend line with support near $2,960 on the hourly chart of ETH/USD. The pair traded below the 23.6% Fib retracement level of the recent wave from the $2,560 swing low to $3,042 high. It is now trading above $2,880 and the 100 hourly simple moving average. On the upside, ether price is facing resistance near the $2,930 level. Source: ETHUSD on TradingView.com The first major resistance is seen near the $2,950 and $2,960 levels. The main resistance is still near the $3,000 and $3,050 levels. A clear move above the $3,050 level might open the doors for a steady increase. In the state...