Ethereum price extended losses and tested the $2,450 support zone. ETH is recovering losses and faces many hurdles near the $2,550 level.
Ethereum started a downside correction below the $2,550 support.
The price is trading below $2,550 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2,560 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $2,550 and $2,600 resistance levels.
Ethereum Price Starts Recovery
Ethereum price extended its decline below the $2,600 level like Bitcoin. ETH traded below the $2,550 and $2,500 support levels to enter a short-term bearish zone.
The price traded as low as $2,445 and is currently correcting losses. There was a minor increase above the $2,500 level. The price traded above the 23.6% Fib retracement level of the downward move from the $2,758 swing high to the $2,445 low.
Ethereum price is now trading below $2,550 and the 100-h
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