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Ethereum Revisits $2.8K, Why Upsides Might Be Limited?

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Ethereum started another decline from the $3,030 resistance against the US Dollar. ETH even spiked below $2,800 and currently attempting an upside correction.
Ethereum started a major decline below the $2,950 and $2,860 support levels.
The price is now trading below $2,950 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $2,910 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,800 support to start a decent recovery in the near term.
Ethereum failed to gain pace for a move above the $3,030 resistance. ETH formed a top and started a major decline below the $2,950 support.
There was a sharp move below the $2,900 level and the 100 hourly simple moving average. Ether price even spiked below the $2,800 support zone. A new weekly low is formed near $2,766 and the price is now consolidating losses. It recovered above the $2,800 level.
There was a break above the 23.6% Fib retracement level of the recent decline from the $3,041 swing high to $2,766 low. On the upside, an initial resistance is seen near the $2,860 level.
The next major resistance is near the $2,900 level. There is also a key bearish trend line forming with resistance near $2,910 on the hourly chart of ETH/USD.

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