TA: Ethereum Breaking This Confluence Resistance Could Spark a Recovery

Ethereum started a major decline below the $3,200 support zone against the US Dollar. ETH price traded as low as $2,807 and it is now attempting a recovery wave.

Ethereum started a fresh decline below the $3,300 and $3,200 support levels. The price is now trading below $3,200 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $3,020 on the hourly chart of ETH/USD (data feed via Kraken). The pair could a steady recovery wave if there is a close above $3,050 in the near term. Ethereum Price Corrects Losses

Ethereum started a major decline from the $3,500 resistance zone. ETH traded below many important support zones near $3,300 and the 100 hourly simple moving average, similar to bitcoin.

The bears gained strength below the $3,200 support zone. Finally, ether spiked below $3,000 and extended its decline. A low

Keep reading this article on Newsbtc.com.

Leave a Reply