Ethereum Price Technical Analysis – ETH Attempting To Recover

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Key Highlights

  • Ethereum price after collapsing this past week vs the US Dollar started to recover.
  • The ETH bulls are currently attempting to clear a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a resistance.
  • The price is now above the 100 hourly simple moving average, which is a positive sign.

Ethereum price this week past week weakened, but it looks like ETH/USD found support near an important support of $10.20-00.

Ethereum Price Recovery

Ethereum price ETH started to decline this past week vs the US Dollar and traded as low as $10.29 where the ETH bulls just managed to find bids. A recovery started over the weekend, and there was a minor upside move, which pushed the price above the 38.2% Fib retracement level of the last drop from the $14.40 high to $10.29 low. However, the price is currently trading near a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a barrier for more gains.

One positive sign for the ETH bulls is the fact that the price is above the 100 hourly simple moving average. So, if they manage to break the trend line


Read more ... source: TheBitcoinNews

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