Ethereum price has recovered nicely against the US Dollar and Bitcoin. ETH/USD now has to break the $1150 and $1180 level to gain further momentum.
There was a slow and steady recovery initiated from the $750 swing low in ETH price against the US Dollar. The price gained traction and was able to move above the $900 resistance level.
There was also a break above the 23.6% Fib retracement level of the last decline from the $1415 high to $753 low. There are many positive signs on the chart above $1000.
However, the price is currently facing a major upside barrier near $1150 and $1180. There is a monster bearish trend line acting as a resistance at $1150 on the 4-hours chart of ETH/USD.
The trend line resistance at $1150 is also near the 100 simple moving average (4-hours). Moreover, the 61.8% Fib retracement level of the last decline from the $1415 high to $753 low is at $1162. Read more from newsbtc.com…
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