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.