TA: Ethereum Recovers Losses, Why Bulls Face Major Challenge

Ethereum stayed above the $2,550 support zone against the US Dollar. ETH price is rising, but it must clear $2,700 for a sustained move higher Ethereum found support near $2,580 after a downside correction from $2,800. The price is now trading above $2,650 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $2,640 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a strong increase if there is a clear move above the $2,700 resistance. Ethereum Price Revisit $2,700 Ethereum started a downside correction from the $2,800 resistance zone. ETH traded below the $2,750 support level and even declined below $2,700. The price even spiked below the $2,600 level, but the bulls remained active above $2,500. A low was formed near $2,577 and the price is now rising. There was a recovery wave above the $2,600 and $2,620 resistance levels. Ether climbed above the 23.6% Fib retracement level of the downward move from the $2,819 swing high to $2,577 low. Besides, there was a break above a key bearish trend line with resistance near $2,640 on the hourly chart of ETH/USD. The pair is now trading above $2,650 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $2,700 level. It is near the 50% Fib retracement level of the downward move from the $2,819 swing high to $2,577 low. Source: ETHUSD on TradingView.com A clear move ab...