TA: Ethereum Attempts Recovery But This Resistance Is The Key

Ethereum found support near $4,065 and started a recovery against the US Dollar. ETH could continue higher if there is a clear break above $4,350. Ethereum started a recovery wave from the $4,065 support zone. The price is now trading above $4,250 and the 100 hourly simple moving average. There is a key rising channel forming with support near $4,240 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if there is a break below $4,240 and $4,200. Ethereum Price Eyes More Downsides Ethereum found support above $4,050 and started an upside correction, similar to bitcoin. ETH price climbed above the $4,150 and $4,200 resistance levels to start a short-term recovery wave. There was a break above the 23.6% Fib retracement level of the key decline from the $4,730 high to $4,067 low. Ether price is now trading above $4,250 and the 100 hourly simple moving average. There is also a key rising channel forming with support near $4,240 on the hourly chart of ETH/USD. An initial resistance on the upside is near the $4,300 level. The first major resistance is near the $4,350 level. The breakout zone could be near the $4,400 level and the 100 hourly simple moving average. Source: ETHUSD on TradingView.com The 50% Fib retracement level of the key decline from the $4,730 high to $4,067 low is also near the $4,420 zone. A close above the $4,400 and $4,420 levels could start a fresh increase in the near ter...