Ethereum declined heavily below the $3,680 support against the US Dollar. ETH price is sliding and there is a risk of a move towards the $3,200 level.

• Ethereum started another decline from the $3,750 resistance zone.
• The price is trading below $3,550 and the 100 hourly simple moving average.
• There was a break below a key contracting triangle with support near $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair remains at a risk of a larger decline below the $3,400 level.

Ethereum Price Eyes More Downsides

Ethereum failed to clear the $3,850 resistance level and started a major decline. ETH declined below the $3,750 and $3,700 support levels to move into a bearish zone.

Besides, there was a break below a key contracting triangle with support near $3,800 on the hourly chart of ETH/USD. There was a close below the $3,600 level and the 100 hourly simple moving average. The bears even pushed the price below the $3,500 level.

A low was formed near $3,411 and the price is now struggling to recover. Ether price is now trading below $3,550 and the 100 hourly simple moving average. An immediate resistance is near the $3,500 level. It is near the 23.6% Fib retracement level of the downward move from the $3,847 swing high to $3,411 low.

The next major resistance is near the $3,630 level. It is close to the 50% Fib retracement level of the downward move from the $3,847 swing high to $3,411 low.

Source: ETHUSD on TradingView.com

A clear upside break above the $3,630 level could spark a decent recovery wave. Any more gains could send the price towards the $3,700…