Ethereum price started a recovery wave above the $2,500 zone. ETH is up nearly 10% and now faces a major resistance near $2,920.
- Ethereum started a decent upward move above the $2,500 support zone.
- The price is trading below $2,900 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $2,920 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,920 level.
Ethereum Price Attempts Recovery
Ethereum price started a major decline below the $2,800 level, underperforming Bitcoin. ETH declined below the $2,650 and $2,500 levels to enter a bearish zone.
There was a clear move below the $2,200 level. The price declined over 25% and tested the $2,120 zone. A low was formed at $2,127 and the price recently started a fresh upward move. There was an increase above the $2,500 level.
The price surpassed the 50% Fib retracement level of the downward move from the $3,403 wing high to the $2,127 swing low. However, the bears are now active near the $2,900 zone. There is also a key bearish trend line forming with resistance at $2,920 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,900 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,900 level. The first major resistance is near the $2,920 level and the trend line or the 61.8% Fib retracement level of the downward move from the $3,403 wing high to the $2,127 swing low.
