Ethereum price has recovered substantially from the bloodbath we witnessed at the middle of the week when it fell from a high of $1300 to $800 levels in a matter of just a few hours.
Ethereum price currently stands at $1,040 levels (global average) and if the recovery sustains we could soon see the ETH/USD trading pair shine bright again on investor and trader radars. There was a sharp decline in ETH price below the $900 level against the US Dollar. The price traded below the $850 and $800 support levels. It traded toward the $750 level and formed a low at $755.82.
Later things started looking positive as ETH correction stopped and price recovered above the $900 level. The increase in prices has instilled a new level of confidence among traders and investors alike.
During the upside, yesterday’s highlighted connecting bearish trend line was broken at $1020 on the hourly chart of ETH/USD. A break above the $1050-1065 levels won’t be easy. Should there be a break above $1065, the next major resistance levels are $1090 and $1135.
Both $1090 and $1135 are crucial barriers for buyers and a break above these would be very difficult. On the downside, an initial support is around the $1020 level. Below the stated $1020 level, the price could test the $900 level, which is a major support.