Ethereum extended its decline below the $3,200 support against the US Dollar. ETH price is at a risk of more downsides below the $3,120 support zone. Ethereum extended its decline below the $3,250 and $3,200 support levels. The price is now trading below $3,250 and the 100 hourly simple moving average. There is a key bearish continuation pattern forming with support near $3,170 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue lower if it fails to stay above the $3,120 support zone. Ethereum Price Corrects Lower Ethereum failed to stay above the $3,300 support zone and extended its losses. ETH price broke the key $3,250 support zone to enter a bearish zone, similar to bitcoin. The price even broke the $3,200 support level and the 100 hourly simple moving average. Ether traded as low as $3,150 and it is now consolidating losses. It recovered above the $3,170 and $3,180 levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $3,380 swing high to $3,150 low. It is now consolidating below $3,250 and the 100 hourly simple moving average. There is also a key bearish continuation pattern forming with support near $3,170 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $3,200 and $3,220 levels. A clear break above the triangle resistance and $3,220 might call for a steady increase. The next key resistance is now forming near the $3,265 level. It is close to the 50% Fib retracement level of the recent decline from the $3,380 swing high to $3,150 low. Source: ETHUSD on TradingView.com Any more gains may possibly call for a move towards the $3,300 level in the near term. An intermediate resistance may possibly be near the $3,292 level. More Losses in ETH? If ethereum fails to continue higher above the $3,200 and $3,220 resistance levels, it could extend its decline. An immediate support on the downside is near the $3,150 level. The key support is now forming near the $3,120 zone. A downside break below the $3,120 support zone could push the price further lower. The next major support could be $3,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is still below the 50 level. Major Support Level – $3,120 Major Resistance Level – $3,265 Post navigation TA: Why Bitcoin Price Is Signaling More Downsides Below $47K Europe’s First Bitcoin Futures Product to Be Launched on Eurex