Against the US Dollar, Ethereum is attempting a recovery wave from the $2,500 support level. To begin a big recovery wave, the price of ETH must clear $2,700 and $2,750.
Near $2,500, Ethereum gained support and began an upward correction.
The price has dropped below $2,700 and is now trading below the 100 hourly simple moving average.
On the hourly chart of ETH/USD, a big negative trend line is forming with resistance near $2,690. (data feed via Kraken).
If the pair clears the $2,700 and $2,700 resistance levels, a big recovery wave might begin.
The price of Ethereum is encountering resistance.
Ethereum continued to fall below the $2,550 barrier, testing the $2,500 level. ETH has lately begun an upside correction after forming a base above $2,500.