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…