TA: Ethereum Recovery Runs Into Resistance, Why Dips Could be Limited

Ethereum found a strong support near the $2,300 zone against the US Dollar. ETH price is rising and might rally if it clears the $2,750 resistance zone. Ethereum started a major recovery wave from the $2,300 support zone. The price is now trading above $2,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,520 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if there is a clear move above the $2,750 resistance zone. Ethereum Price Starts Fresh Increase Ethereum declined heavily below the $2,600 and $2,500 support levels. ETH even declined below $2,400 and tested the $2,300 zone, where the bulls appeared. A low was formed near $2,302 and the price started a strong increase. There was a clear move above the $2,500 resistance level. Ether price even climbed above the $2,600 level and the 100 hourly simple moving average. It even spiked above the $2,700 level, but there was no break above the $2,750 resistance. A high is formed near $2,733 and the price is now consolidating gains. It corrected lower below the 23.6% Fib retracement level of the recent increase from the $2,302 swing low to $2,733 high. However, it is trading above $2,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,520 on the hourly chart of ETH/USD. The first major resistance is seen near the $2,680 and $2,7...