TA: Ethereum Starts Recovery, Why ETH Could Resume Its Decline

TA: Ethereum Starts Recovery, Why ETH Could Resume Its Decline


Ethereum started an upside correction from the $1,720 zone against the US Dollar. ETH price could correct further higher, but upsides might be capped near $1,850.

Ethereum formed a base above the $1,720 support zone before starting an upside correction. The price is still trading well below the $1,850 resistance and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $1,790 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to rise further towards the $1,850 resistance zone and the 100 hourly SMA. Ethereum Price Correcting Losses

Ethereum remained in a bearish zone and it extended its decline below $1,800, similar to bitcoin. ETH price broke the $1,780 support and it settled well below the 100 hourly simple moving average.

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The price traded as low as $1,718 and it seems to be forming a base above the $1,720. Ether is now correcting

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