Ethereum In A Holding Pattern: Will It Break Out To Higher Levels?

Ethereum price failed to continue higher above the $3,500 resistance zone. ETH corrected gains and is now trading in a range above the $3,400 level.Ethereum is consolidating below the $3,500 resistance zone.
The price is trading below $3,480 and the 100-hourly Simple Moving Average.
There is a key declining channel forming with resistance at $3,470 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if there is a clear move above the $3,500 resistance zon