Ethereum spiked towards $3,300 but failed to extend gains against the US Dollar. ETH price is correcting gains and there is a risk of a move below $3,030. Ethereum started a downside correction after it spiked above the $3,270 level. The price is now trading below $3,100 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $3,140 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above $3,030 and $3,020 to avoid a downside break in the near term. Ethereum Price Remains At Risk Ethereum extended increase above the $3,200 level. ETH even climbed above the $3,250 level and the 100 hourly simple moving average. However, the bulls failed to gain strength above $3,250. A high was formed near $3,283 and the price started a fresh decline. There was a move below the $3,200 and $3,150 support levels. Besides, there was a break below a major bullish trend line with support near $3,140 on the hourly chart of ETH/USD. The pair settled below $3,100 and the 100 hourly simple moving average. It even spiked below the $3,030 support. A low is formed near $3,005 and the price is now consolidating losses. An immediate resistance is near the $3,080 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,283 swing high to $3,005 low. The first major resistance is near the $3,120 level and the 100 hourly SMA. Source: ETHUSD on TradingView.com...
