Ethereum (ETH) Down 40% In A Week; Why ETH Could Recover

Ethereum declined heavily and it even tested the $2,000 support zone against the US Dollar. ETH price is attempting a recovery and it must clear $2,800 for a steady rise.

  • Ethereum is down over 40% in a week and it even tested the $2,000 support zone.
  • The price is now well below the $3,000 level and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $2,650 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear $2,650 and $2,800 to move back into a positive zone in the near term.

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