TA: Ethereum Holds Strong at $2,750: A Strengthening Case for Upside

Ethereum retested the $2,750-2,780 support zone against the US Dollar. ETH price is recovering and it must clear $3,000 to start a steady increase in the near term. Ethereum started an upside correction after testing the $2,780 zone. The price is still trading below $3,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $2,950 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a steady increase if there is a close above $2,950 and $3,000. Ethereum Price Faces Hurdle Ethereum failed to clear $3,150 and started a fresh decline, similar to bitcoin. ETH broke the $3,000 and $2,950 support levels to enter a bearish zone. The price even settled below $2,950 and the 100 hourly simple moving average. There was a break below $2,800, but the bulls remained active above $2,750. A low is formed near $2,789 and the price is now correcting lower. Ether climbed above the $2,850 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $3,165 swing high to $2,789 low. On the upside, an immediate resistance is near the $2,950 level and the 100 hourly simple moving average. The first major resistance is near the $2,980 level. There is also a major bearish trend line forming with resistance near $2,950 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $3,165 ...