TA: Ethereum Faces Key Challenge, Why Fresh Decline Still Possible

Ethereum started a recovery wave above the $2,840 level against the US Dollar. ETH is now facing a major challenge near $2,905 and the 100 hourly SMA. Ethereum started a decent recovery wave above the $2,840 and $2,850 levels. The price is still below $2,900 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $2,900 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $2,900 and $2,915 resistance levels to continue higher. Ethereum Price Faces Resistance Ethereum traded as low as $2,766 before it started a recovery wave. ETH was able to settle above the $2,800 resistance zone. There was a move above the $2,840 and $2,850 resistance levels. Ether even climbed above the 23.6% Fib retracement level of the key drop from the $3,040 swing high to $2,766 low. It is still below $2,900 and the 100 hourly simple moving average. On the upside, an initial resistance is seen near the $2,900 level. There is also a major bearish trend line forming with resistance near $2,900 on the hourly chart of ETH/USD. Besides, the 100 hourly simple moving average is acting as a barrier near $2,900. The next major resistance is near the $2,905 level. It is near the 50% Fib retracement level of the key drop from the $3,040 swing high to $2,766 low. A clear move above the $2,900 resistance might start another increase. Source: ETHUSD on TradingView.com The next major resistanc...