Ethereum Starts Recovery, Why The Bears Remain In Control

Ethereum extended decline below the $2,800 support against the US Dollar. ETH price is correcting losses, but upsides might be limited above $2,800.

Ethereum started a major decline below the $2,880 support level.
The price is now trading below $2,800 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $2,650 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could recover, but the bears might remain active near $2,800 and $2,880.

Ethereum Price Extends Decline
Ethereum failed to stay above the $2,880 support zone and extended decline. ETH broke the $2,750 support level and the 100 hourly simple moving average to move further into a bearish zone.
The price even dived below the $2,640 support and traded as low as $2,575. It is now correcting higher and trading above the $2,640 level. Besides, there was a break above a major bearish trend line with resistance near $2,650 on the hourly chart of ETH/USD.
Ether price just moved above the 23.6% Fib retracement level of the key decline from the $3,188 swing high to $2,575 low. An immediate resistance on the upside is near the $2,755 level.
The next major resistance is near the $2,800 level and the 100 hourly simple moving average. A clear move above the $2,800 might send the price to $2,880. The 50% Fib retracement level of the key decline from the $3,188 swing high to $2,575 low is also near the $2,880 resistance zone.

Source: ETHUSD on TradingView.com
A successful close above $2,880 might start a steady increase. In the stated case, the price could rise towards $3,000 (a major barrier for the bulls).
Fresh Decline in ETH?
If ethereum fails to start a recovery wave above the $2,800 level, it could start another decline. An initial support on the downside is near the $2,710 level.
The next major support is near the $2,650 level. A downside break below the $2,650 could spark another major decline. The next major support is near the $2,580 level. Any more losses might call for a move towards $2,450 in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,650
Major Resistance Level – $2,800