TA: Ethereum Reaches Key Inflection Zone, $3,100 Is The Key

Ethereum started a steady recovery wave above the $2,980 resistance against the US Dollar. ETH price is now facing a strong resistance near $3,080 and $3,100. Ethereum started a major upside correction from the $2,880 zone. The price is now trading above $3,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $3,070 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear $3,080 and $3,100 to start a strong upward move. Ethereum Price Recovers Losses Ethereum extended decline below the $2,980 support and the 100 hourly simple moving average. ETH even spiked below the $2,900 level, but it found a major support near $2,880. A low was formed near $2,880 and the price started a steady increase. There was a move above the $2,980 and $3,000 resistance levels. Ether price is now trading above $3,000 and the 100 hourly simple moving average. A high is formed near $3,068 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent increase from the $2,880 swing low to $3,068 high. On the upside, an initial resistance is seen near the $3,070 level. There is also a key bearish trend line forming with resistance near $3,070 on the hourly chart of ETH/USD. The next major resistance is near the $3,080 and $3,100 levels. Source: ETHUSD on TradingView.com A close above the $3,100 level might start a steady upward move in th...