Ethereum Price Regains Strength But Key Downtrend Resistance Intact

Jun 7, 2023 08:00 am Cryptocurrency 84

Ethereum price recovered losses and traded above $1,860 against the US Dollar. ETH must clear $1,920 to start a strong increase in the near term.

Ethereum is showing positive signs above the $1,860 level.

The price is trading above $1,850 and the 100-hourly Simple Moving Average.

There was a break above a key bearish trend line with resistance near $1,865 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could still struggle to clear the $1,920 resistance zone.

Ethereum Price Trims Losses

Ethereum’s price found support near the $1,775 zone after a major decline. ETH formed a base and started a fresh increase above the $1,800 resistance zone, similar to Bitcoin.

There was a clear move above the $1,840 and $1,850 resistance levels. Besides, there was a break above a key bearish trend line with re ..

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