Summary of key points:
Ethereum has managed to stay above the $2,900 support area.
ETH/USD is facing a critical resistance at $3,300 on the daily chart, where a bearish trend line is also located.
To initiate a fresh increase, the price must break $3,300 and the 50-day simple moving average (blue line).

Ethereum Price
New Delhi (CoinChapter.com) – Ethereum (ETH) is still holding above $2,900. If ETH stays below $3,300 and the 50-day simple moving average for a long time, there could be a sharp decline.

Ethereum price holds important support
Ethereum remained range-bound under the $3,350 resistance for the past few days. The bulls attempted to initiate a fresh increase, but they struggled to propel ETH above $3,350 and the 50-day simple moving average (blue line). ETH retreated and declined below $3,000.

However, the bulls were again active near the $2,900 support. They protected a close below the 61.8% Fibonacci retracement level of the upward move from the $2,172 low to $4,082 high.

Ethereum is rising again and is trading above the critical support of $3,000. On the upside, many hurdles are forming near $3,000, including $3,250, $3,300, and the 50-day simple moving average (blue line). There is also a key bear trend line in place on the daily chart with resistance at $3,300.

To initiate a fresh increase, the price must break the $3,300 resistance area and the 50-day simple moving average. In such a case, the price is likely to pick up and test the $3,500 resistance. The next important resistance is visible near the $3,630 level.

A break above the $3,630 resistance could see Ether move higher. The next important resistance is at $3,920. If the bulls break the $3,920 resistance, the price is likely to resume the uptrend and move towards the $4,080 resistance in the near term.

A downside breakout for ETH?
On the contrary, Ethereum may fail to break through $3,300 again and start to decline. The current support level is around $3,000. The primary support level is still in the $2,900 area.

If the price breaks down to $2,900 and closes below it on the daily chart, ETH could drop to the 76.4% Fibonacci retracement level of $2,620 of the upward move from the $2,172 low to $4,082 high. If the bulls fail to protect the $2,620 support, the price could decline to the $2,200 support in the coming days.

Overall, Ethereum price is facing many hurdles near $3,300 and the 50-day simple moving average. If ETH continues to struggle, it could face a greater risk of decline until $2,620 and then continue to fall to $2,200.