Ethereum Faces Resistance After Recovery Attempt
- Ethereum price reached a high of $3,053 before declining sharply.
- ETH is trading below $2,950 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle with resistance at $2,930 is forming on the hourly chart.
- Key support levels are at $2,900 and $2,880, while major resistance is near $2,955.
Ethereum’s price attempted a recovery wave but faced strong resistance near the $3,000 mark, leading to a decline below key support levels. The cryptocurrency is currently consolidating losses and forming a contracting triangle pattern that may influence its next move.
If Ethereum fails to break above the $2,955 resistance level soon, it risks further declines toward the $2,880 support zone or lower levels like $2,840 or even $2,800. (Source)
