Ethereum extended its decline and it traded close to $2,300 against the US Dollar. ETH price is now recovering and it could start a strong increase if it clears $2,550.
Ethereum extended its decline below the $2,400 and $2,300 support levels.
The price is now well below $2,600 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $2,480 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely forming an inverse head and shoulders pattern with resistance near $2,550.
Ethereum Price Could Rise Steadily
Ethereum failed to stay above the key $2,550 support level, and it extended its decline. ETH traded below the $2,440 and USD 2,400 support levels.
It even broke $2,350 level and settled well below the 100 hourly simple moving average. A low is formed near $2,313 and the price is now correcting higher. It broke the $2,400 resistance level. Ether also climbed above the 23.6% Fib retracement level of the of the recent drop from the $2,850 swing high to $2,313 low.
Source:newsbtc.com