Ethereum recovered extensively but failed to clear the resistance at $1,840.
A correction from the V-shaped recovery would seek support at $1,700 and $1,550, respectively.
Ethereum shot up on Monday, extending the recovery staged from the anchor at $1,550. The rally was supported by news that Visa has added support for cryptocurrency transactions due to increasing customer demand. Ethereum stood out because the USDC digital currency chosen executes on its blockchain.
Several technical hurdles were pushed into the rearview mirror with Ethereum eying highs past $1,800. A break occurred above this critical resistance zone but a weekly high formed around $1,840, cutting the recovery mission.
At the time of writing, Ether is pivotal at $1,800, but the least resistance path appears to be on the downside as technicals gradually flip negative. Overhead pressure is likely to increase at $1,800, forcing Ether to seek refuge toward the confluence support at $1,700, formed by the 50 Simple Movin
