Ethereum recovered above $3,400 and $3,500 against the US Dollar. ETH price is struggling near $3,600 and it might start a fresh decline. Ethereum recovered losses after a sharp decline to $2,900. The price is still trading well below $3,600 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline unless there is a clear break above $3,600. Ethereum Price is Facing Resistance Ethereum declined heavily below $3,500 and $3,200. ETH even broke the $3,000 support and settled below the 100 hourly simple moving average, similar to bitcoin. It traded as low as $2,900 before starting an upside correction. There was a break above the $3,300 and $3,400 resistance levels. The price even climbed above the $3,500 resistance zone. There was a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD. However, the bears seem to be defending the $3,600 zone. A high is formed near $3,561 and the price is slowly moving lower. Ether is now trading well below $3,600 and the 100 hourly simple moving average. There was also a break below the 23.6% Fib retracement level of the recent wave from the $3,218 swing low to $3,561 high. The price is now testing the same broke trend line at $3,440. An immediate resistance on the upside is near the $3,500 level. Source:...
