Ethereum Price Faces Key Barriers That Could Decide the Next Market Move

Ethereum price failed to stay above $2,800 and tested $2,620. ETH is now attempting to recover but faces resistance near $2,890. Ethereum started a fresh decline after it failed to stay above $2,800. The price is trading near $2,840 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $2,960 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it settles below the $2,720 zone. Ethereum Price Attempts Recovery Ethereum price failed to continue higher above $3,000 and started a fresh decline, like Bitcoin. ETH price dipped below $2,880 and entered a bearish zone. The decline gathered pace below $2,800 and the price dipped below $2,700. A low was formed at $2,621 and the price is now attempting to recover. There was a move above the 23.6% Fib retracement level of the recent decline from the $3,058 swing high to the $2,621 low. Ethereum price is now trading near $2,840 and the 100-hourly Simple Movi