Ethereum Price Rallies 10%, Why Close Above $3,550 Is The Key

Ethereum price started a recovery wave from the $3,050 zone. ETH is up over 10% and is now struggling to clear the $3,550 resistance zone. Ethereum started a decent recovery wave from the $3,050 zone. The price is trading above $3,350 and the 100-hourly Simple Moving Average. There was a break above a major bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it settles above the $3,550 resistance zone. Ethereum Price Starts Recovery Ethereum price extended its decline below the $3,350 and $3,200 levels, like Bitcoin. ETH even declined below the $3,150 support level before the bulls appeared. It tested the $3,050 zone. A low was formed at $3,059 and the price is moving higher. There was a strong recovery wave above the $3,350 resistance. The price cleared the 50% Fib retracement level of the downward wave from the $3,675 swing high to the $3,059 low. There was also a break above a major bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD. Ethereum price is now trading above $3,400 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,520 level or the 76.4% Fib retracement level of the downward wave from the $3,675 swing high to the $3,059 low. The first major resistance is near the $3,550 level. The next key resistance sits at $3,675,…….