TA: Ethereum Recovers But ETH Must Clear This Key Resistance

May 2, 2022 06:00 am Cryptocurrency 197

Ethereum started a recovery wave above the $2,800 level against the US Dollar. must clear the $2,850 resistance to continue higher in the near term.

Ethereum started a decent recovery wave above the $2,780 and $2,800 levels.

The price is consolidating above $2,820 and the 100 hourly simple moving average.

There was a break above a major bearish trend line with resistance near $2,750 on the hourly chart of ETH/USD (data feed via Kraken).

The pair must clear the $2,850 and $2,860 resistance levels to continue higher.

Ethereum Price Faces Resistance

Ethereum followed a bearish path below the $2,850 pivot level. ETH even traded below the $2,800 support level and the 100 hourly simple moving average.

It traded as low as $2,718 before the bulls appeared. Ether price started an upside correction and climbed above the $2,750 level. The price was able to surpass the $2,800 resistance. There was a clear move above the 23.6% Fib retracement level of the key decline from the $2,980 swing high to $2,718 low.

Besides, there was a break above a ..

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