Ethereum is attempting a recovery wave from the $2,500 support against the US Dollar. ETH price must clear $2,700 and $2,750 to start a strong recovery wave.

  • Ethereum found support near $2,500 and started an upside correction.
  • The price is now trading below $2,700 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $2,690 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a strong recovery wave if it clears the $2,700 and $2,700 resistance levels.

Ethereum Price Faces Resistance

Ethereum extended decline below the $2,550 level and tested the $2,500 zone. ETH formed a base above $2,500 and recently started an upside correction.

There was a move above the $2,580 and $2,600 resistance levels. Ether even climbed above the 50% Fib retracement level of the key decline from the $2,750 swing high to $2,503 low. However, it is still trading below $2,700 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $2,660 level. It is near the 61.8% Fib retracement level of the key decline from the $2,750 swing high to $2,503 low.

The main resistance is now forming near the $2,700 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $2,690 on the hourly chart of ETH/USD. A clear move above the $2,700 might start a steady increase.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance could be $2,750, above which the price could gain bullish momentum. In the stated case, the price could rise towards…


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