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Why Ethereum At Risk of Fresh Decline, $3,200 Holds The Key?

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Ethereum struggling to clear the $3,400 resistance against the US Dollar. ETH price is holding the $3,250 support, but there is a risk of more downsides.
Ethereum started a downside correction from the $3,400 resistance zone.
The price is trading below $3,300 and the 100 hourly simple moving average.
There was a break below a key rising channel with support near $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it stays above the $3,250 support zone.
Ethereum made another attempt to clear the $3,400 resistance zone. ETH failed to gain strength and corrected lower from the $3,391 swing high.
There was a break below the $3,320 and $3,300 support levels. Ether price even settled below $3,300 and the 100 hourly simple moving average. Besides, there was a break below a key rising channel with support near $3,320 on the hourly chart of ETH/USD.
A low is formed near $3,238 and the price is now correcting higher. There was a break above the 23.6% Fib retracement level of the recent decline from the $3,391 swing high to $3,238 low.
On the upside, an immediate resistance is near the $3,300 level and the 100 hourly simple moving average.

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