Ethereum Price Technical Analysis – Can ETH/USD Recover?

Key HighlightsETH price fell sharply and even traded below the $500 level before correcting higher against the US Dollar.
There is a major bearish trend line forming with resistance at $550 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is struggling to move above the $540-550 resistance area, which is a bearish sign in the near term.Ethereum price nosedived recently against the US Dollar and Bitcoin. ETH/USD has to move above the $550 resistance to initiate a decent recovery.
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