Ethereum Topside Bias Vulnerable If ETH Dives Below $3,120

Ethereum extended losses below the $3,300 support zone against the US Dollar. ETH price even traded below $3,200 and might continue to move down.

Ethereum started a major decline from the $3,450 resistance zone.
The price is now trading below $3,200 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $3,425 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains at a risk of more losses below the $3,140 and $3,120 levels.

Ethereum Price Extends Downsides
Ethereum formed a top and started a major decline below the $3,400 level. ETH even traded below the $3,340 level to move further into a bearish zone.
The bears gained pace for a move below the $3,300 level and the 100 hourly simple moving average. Ether even spiked below the $3,200 level and traded as low as $3,143. It is now consolidating above the $3,150 level. It is trading below $3,200 and the 100 hourly simple moving average.
On the upside, an initial resistance is seen near the $3,240 level. It is close to the 23.6% Fib retracement level of the recent decline from the $3,548 swing high to $3,143 low.
The next major resistance is near the $3,345 level. It coincides with the 50% Fib retracement level of the recent decline from the $3,548 swing high to $3,143 low. The main resistance is now forming near the $3,400 level. There is also a key bearish trend line forming with resistance near $3,425 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
If ether price clears the $3,400 resistance zone, it could start a decent increase. In the stated case, the price could climb above the $3,450 zone. The next key barrier is near the $3,500 level.
More Losses in ETH?
If ethereum fails to start a fresh increase above the $3,400 level, it could continue to move down. An initial support on the downside is near the $3,140 zone.
The next major support is near the $3,120 level. If there is a downside break below the $3,120 support, the price could gain bearish momentum. In the stated case, there is a risk of a move towards the $3,000 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,120
Major Resistance Level – $3,400

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