TA: Ethereum Could Avoid a Major Downtrend if it Closes Above One Key Level

Ethereum extended decline below the $2,500 support zone against the US Dollar. ETH price is recovering, but it must clear $2,680 to start a decent increase. Ethereum extended decline below the $2,500 support before correcting higher. The price is now trading below $2,600 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $2,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a steady recovery wave if it clears $2,600 and $2,680. Ethereum Price Faces Hurdle Ethereum remained in a bearish zone below the $2,650 level. ETH even extended decline below the $2,500 support level and settled below the 100 hourly simple moving average. A low was formed near $2,445 and the price is now correcting losses. There was a move above the $2,500 resistance level. Ether price even spiked above the 50% Fib retracement level of the recent decline from the $2,648 swing high to $2,445 low. However, the bears remained active near the $2,570 level. It is near the 61.8% Fib retracement level of the recent decline from the $2,648 swing high to $2,445 low. The first major resistance is seen near the $2,600 level (the recent breakdown zone). There is also a key bearish trend line forming with resistance near $2,600 on the hourly chart of ETH/USD. The next major resistance might be near the 100 hourly simple moving average and the $2,680 level. Source: ETHUSD on TradingView.co...