TA: Why Ethereum Must Clear $3,400 For Hopes of a Fresh Increase

[RSRS]

Ethereum is facing a major resistance near $3,400 against the US Dollar. ETH price could start a fresh decline if it fails to clear the $3,400 resistance zone.

Ethereum extended its decline below the $3,250 and $3,200 levels.
The price is now trading well below $3,400 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $3,370 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its decline unless there is a clear break above the $3,400 resistance.
Ethereum Price is Facing Resistance
Ethereum topped near the $3,450 level and started a fresh decline. ETH traded below the $3,220 support level and settled below the 100 hourly simple moving average.

It even broke the $3,160 support and traded as low as $3,115. Recently, there was a recovery wave above the $3,220 level, similar to bitcoin. There was a break above the $3,250 and $3,280 resistance levels. Ether climbed above the 50% Fib retracement level of the recent decline from the $3,450 swing high to $3,115 low.

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