Ethereum Price Tests Key Resistance Amid Recovery Wave
- Ethereum price initiated a recovery wave above the $2,120 zone.
- ETH is trading below the $2,150 resistance and the 100-hourly Simple Moving Average.
- A contracting triangle with resistance at $2,150 is forming on the hourly chart of ETH/USD.
- The next major resistance level is at $2,176, with potential upside to $2,220 if cleared.
- Failure to break $2,150 could lead to a decline towards initial support near $2,110 and major support around $2,065.
Ethereum’s price movement remains crucial as it consolidates below significant resistance levels after a recovery wave above $2,120. The contracting triangle pattern indicates potential volatility depending on whether ETH can clear key resistances or face declines toward established supports.
With immediate resistance at $2,140 and major resistance at $2,150, Ethereum’s price action will be closely watched for signs of either an upward breakout or further declines toward its support zones. (Source)
