Ethereum Price Undergoes Technical Correction: Market Adjusts After Recent Increase

Ethereum price tested the $3,040 zone and corrected gains. ETH is now testing the $2,925 support and might aim for a fresh increase.Ethereum started a downside correction after the bears defended $3,040.
The price is trading below $2,960 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2,965 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase unless there is a close below the $2,925 support.Eth