Ethereum price failed to clear the $3,300 resistance and dipped. ETH is now showing a few bearish signs and might decline toward $3,080. Ethereum started a downside correction below $3,240 and $3,200. The price is trading below $3,200 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support at $3,200 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the $3,200 zone. Ethereum Price Trims Gains Ethereum price failed to continue higher above $3,300 and started a downside correction, like Bitcoin . ETH price dipped below $3,240 and $3,220 to enter a short-term bearish zone. There was a break below a key bullish trend line with support at $3,200 on the hourly chart of ETH/USD. The pair even dipped below $3,150. A low was formed at $3,123, and the price is now consolidating losses. It tested the 23.6% Fib retracement level of the recent decline from the $3,308 swing high to the $3,123 low. Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. If the bulls can protect more losses below $3,120, the price could attempt another increase. Immediate resistance is seen near the $3,180 level. The first key resistance is near the $3,200 level. The next major resistance is near the $3,220 level or the 50% Fib retracement level of the recent decline from the $3,308 swing high to the $3,123 low. A clear move above the $3,220 resistance might send the price toward the $3,250 resistance. An upside break above the $3,250 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,300 resistance zone or even $3,320 in the near term. More Losses In ETH? If Ethereum fails to clear the $3,220 resistance, it could start a fresh decline. Initial support on the downside is near the $3,120 level. The first major support sits near the $3,080 zone. A clear move below the $3,080 support might push the price toward the $3,020 support. Any more losses might send the price toward the $3,000 region. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,120 Major Resistance Level – $3,220
