Ethereum (ETH) forming bearish divergence. Will $3K support hold?

Since bouncing from $1710 on July 20th, Etheruem has surged by a solid 90% to reach as high as $3170. The coin initially moved inside an ascending price channel but eventually broke toward the upside over the weekend.

After that, ETH pushed higher to meet resistance at $3160. Since then, it struggled to produce a daily closing candle above the level. More recently, ETH is starting to show signs of bearish divergence on the 4-hour chart as the price makes higher highs, but the RSI produces lower highs.

This could possibly be a hint that a retracement is imminent before ETH can continue higher.

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