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NewsBTC 2022-02-21 05:58:15

TA: Ethereum Starts Recovery, Why The Bears Remain In Control

Ethereum extended decline below the $2,800 support against the US Dollar. ETH price is correcting losses, but upsides might be limited above $2,800. Ethereum started a major decline below the $2,880 support level. The price is now trading below $2,800 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $2,650 on the hourly chart of ETH/USD (data feed via Kraken). The pair could recover, but the bears might remain active near $2,800 and $2,880. Ethereum Price Extends Decline Ethereum failed to stay above the $2,880 support zone and extended decline. ETH broke the $2,750 support level and the 100 hourly simple moving average to move further into a bearish zone. The price even dived below the $2,640 support and traded as low as $2,575. It is now correcting higher and trading above the $2,640 level. Besides, there was a break above a major bearish trend line with resistance near $2,650 on the hourly chart of ETH/USD. Ether price just moved above the 23.6% Fib retracement level of the key decline from the $3,188 swing high to $2,575 low. An immediate resistance on the upside is near the $2,755 level. The next major resistance is near the $2,800 level and the 100 hourly simple moving average. A clear move above the $2,800 might send the price to $2,880. The 50% Fib retracement level of the key decline from the $3,188 swing high to $2,575 low is also near the $2,880 resist...

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TA: Ethereum Starts Recovery, Why The Bears Remain In Control

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