Ethereum price started a minor recovery wave above the $3,120 zone. ETH is rising and facing hurdles near the $3,240 zone.
- Ethereum started a minor recovery wave above the $3,120 zone.
- The price is trading above $3,200 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to start a fresh increase above the $3,240 resistance level.
Ethereum Price Aims Higher
Ethereum price started a recovery wave above the $3,050 level like Bitcoin. ETH was able to clear the $3,080 and $3,120 resistance levels to move into a short-term positive zone.
The price even cleared the 50% Fib retracement level of the downward move from the $3,334 swing high to the $2,920 low. However, the bears are active near the $3,220 and $3,240 levels. There is also a short-term contracting triangle forming with resistance at $3,240 on…
