Ethereum price against the US Dollar (ETH/USD) is currently rising a recovery wave, making it climb above the crucial US$2,500 resistance. The momentum of the recovery wave even made ETH price rise above US$2,650 zone. This made it move into a short-term positive zone, a very similar phenomenon that took place in the case of Bitcoin (BTC).
In fact, the Ethereum price against the US Dollar also climbed above the US$2,850 resistance. However, the bulls faced a strong resistance near the US$3,000 level as well as the 100 hourly Simple Moving Average (SMA). The recent high was near the US$3,006 level and the price is currently consolidating.
The ETH/USD pair is still below the crucial US$3,000 level as well as the 100 hourly SMA. It is important to note that a break below the 23.6% Fibonacci retracement level of the upward movement from the low at US$2,158 to the high at US$3,006.
On the hourly chart of ETH/USD, a crucial contracting triangle is forming with resistance near the US$2,880 level. A bullish wave will be initiated if the ETH price breaks above the triangle resistance and the US$2,900 level. If this happens, it may lead to a break above the US$3,000 level as well as the 100 hourly Simple Moving Average.
If the ETH/USD pair successfully moves above the US$3,000 level, the major resistance levels are near US$3,300 and US$3,500. At press time, the price is hovering around US$2,707.38. As the price is hovering well below the US$2,880 and US$2,800 levels, there are high chances that the price will towards the US$2,580 level. Any more losses could trigger a steeper decline in the coming sessions.
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