TA: Ethereum Recovers But ETH Must Clear This Key Resistance

Ethereum started a recovery wave above the $2,800 level against the US Dollar. must clear the $2,850 resistance to continue higher in the near term. Ethereum started a decent recovery wave above the $2,780 and $2,800 levels. The price is consolidating above $2,820 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $2,750 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $2,850 and $2,860 resistance levels to continue higher. Ethereum Price Faces Resistance Ethereum followed a bearish path below the $2,850 pivot level. ETH even traded below the $2,800 support level and the 100 hourly simple moving average. It traded as low as $2,718 before the bulls appeared. Ether price started an upside correction and climbed above the $2,750 level. The price was able to surpass the $2,800 resistance. There was a clear move above the 23.6% Fib retracement level of the key decline from the $2,980 swing high to $2,718 low. Besides, there was a break above a major bearish trend line with resistance near $2,750 on the hourly chart of ETH/USD. The pair is now consolidating above $2,820 and the 100 hourly simple moving average. On the upside, an initial resistance is seen near the $2,850 level. It is near the 50% Fib retracement level of the key decline from the $2,980 swing high to $2,718 low. The next major resistance is near the $2,880 level. A clear move...