TA: Ethereum Reaches Crucial Juncture, Can The Bulls Make it

May 30, 2022 08:00 am Cryptocurrency 131

Ethereum formed a base near $1,740 and started a recovery wave against the US Dollar. ETH is now facing a major resistance near the $1,900 zone.

Ethereum started a recovery wave above the $1,800 and $1,820 levels.

The price is now trading above $1,820 and the 100 hourly simple moving average.

There was a break above a major bearish trend line with resistance near $1,820 on the hourly chart of ETH/USD (data feed via Kraken).

The pair must clear the $1,900 and $1,920 resistance levels to continue higher.

Ethereum Price Eyes Upside Break

Ethereum extended decline below the $1,800 level. However, the bulls were active above the $1,700 level. The price consolidated near the $1,740 level before it started a decent upward move.

There was a clear move above the $1,800 resistance zone. Ether price surpassed the 50% Fib retracement level of the downward move from the $1,910 swing high to $1,700 base. Besides, there was a break above a major bearish trend line with resistance near $1,820 on the hourly chart of ETH/USD.

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