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Ethereum price is expected to recover, can ETH start a new round of pump?
Gate News bot message, on the ETH/USD hourly chart, it has broken through the resistance level at $2550 of the contracting triangle. The Ethereum price is currently trading around $2575 and the 100-hour simple moving average.
On the upside, the price may face resistance around $2585. The next key resistance level is near $2620. The first major resistance level is around $2660. This level is close to the 50% Fibonacci retracement level of the downward move from the high of $2880 to the low of $2441.
(Source: Trading View)
If it can clearly break through the resistance level of 2660 USD, it may push the price down towards the resistance level of 2720 USD. If it can break through the resistance level of 2720 USD, it may welcome more upward movement in the coming trading days. In this case, Ether may rise to the resistance level of 2800 USD in the short term, or even 2880 USD.
If Ethereum fails to break through the 2620 USD resistance level, it may trigger a new round of declines. The initial support level on the downside is around 2540 USD. The first major support level is near 2500 USD.
If the price clearly falls below the 2500 USD support level, it may rise to the 2440 USD support level. If the price continues to drop, it may fall towards the 2420 USD support level in the short term. The next key support level is at 2350 USD.
Source: NewsBTC