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Ethereum started a major decline below $3,500 against the US Dollar. ETH price tested $3,000 and it is now attempting a strong recovery wave. Ethereum started a major decline from well above the $3,800 level. The price is now trading well below $3,600 and the 100 hourly simple moving average. There is a key contracting triangle forming with support near $3,400 on the hourly chart of ETH/USD (data feed via Kraken). The pair could trade in a range, and it might face a strong resistance near $3,600. Ethereum Price is Correcting Losses Ethereum started a major decline after it failed to clear $4,000. ETH declined heavily below the $3,800 and $3,700 levels. It even broke the $3,600 support level and settled well below the 100 hourly simple moving average, similar to bitcoin. The bears even pushed the price below $3,500 and USD $3,200. Finally, there was a spike below $3,000 and the price tested the $2,900 zone. A low is formed near $2,900 and ether recently started a strong upward move. It broke the $3,200 and $3,350 resistance levels. There was also a break above the 50% Fib retracement level of downward move from the $3,969 swing high to $2,900 swing low. The price is now consolidating near the $3,450 level. There is also a key contracting triangle forming with support near $3,400 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $3,500 level. Source: ETHUSD on TradingView.com The first major resistance is near the $3,560 level. It is near the 61.8% Fib retracement level of downward move from the $3,969 swing high to $2,900 swing low. A proper move above the $3,560 level and $3,600 could set the pace for a larger increase. More Losses in ETH? If ethereum fails to continue higher above the $3,560 and $3,600 resistance levels, it could start another downward move. An immediate support on the downside is near the $3,400 level. The next major support is now forming near the $3,320 zone. A downside break below the $3,320 support zone could push the price further lower. In the stated case, the price is likely to decline towards the $3,000 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now moving higher towards the 50 level. Major Support Level – $3,320 Major Resistance Level – $3,560