TA: Ethereum Primed For Strong Recovery And Only 1 Thing is Holding it Back

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. Source: ETHUSD on TradingView.com ...