Ethereum Price Could Rally If It’s Able To Reclaims The 100 SMA

Ethereum price started a recovery wave from the $2,820 zone. ETH has been trending higher and currently faces a major hurdle near the 100 hourly simple moving average.

  • Ethereum found support at $2,820 and began a wave of recovery.
  • The price is trading below the 100-hour simple moving average at $3,050.
  • On the hourly chart of ETH/USD (data feed via Kraken), the pair has broken above a major bearish trendline with resistance at $3,000.
  • If the price fails to break out of the $3,050 resistance level, another decline could begin.

Ethereum price faces major hurdle

Ethereum’s price extended its losses to below the $3,000 level, similar to Bitcoin. ETH also tested the $2,820 support zone. A low was formed at $2,813 and the price started a recovery wave.

There was a decent move above the $2,880 and $2,950 resistance levels. Price cleared the 23.6% Fib retracement level of the decline from the swing high of $3,355 to the low of $2,813. Furthermore, on the hourly chart of ETH/USD, the pair broke above the major bearish trend line with resistance at $3,000.

However, the bears are active near the 100 hourly simple moving average. Ethereum is currently trading below $3,030 and its 100 hourly simple moving average. Immediate resistance is near the $3,030 level. The first major resistance level is near the $3,050 level.

The next major resistance lies at $3,085, the 50% fib retracement level of the decline from the swing high of $3,355 to the low of $2,813, above which price gains momentum and heads towards the $3,150 level. may rise.

sauce: ETHUSD on TradingView.com

If the bulls continue their actions and push the price above $3,150, it could head towards the resistance level at $3,250. Any further rally could send Ether heading toward the $3,350 resistance zone.

Will ETH fall again?

If Ethereum fails to break through the resistance at $3,050, further declines could begin. The first support on the downside is near the $2,940 level. The first major support is around his $2,880 zone.

The main support is around the $2,820 level. A clear move below the support at $2,820 could push the price towards $2,740. Any further losses could send the price towards the $2,650 level in the near term.

technical indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

hourly RSIThe RSI for ETH/USD is currently above the 50 level.

Major Support Level – $2,940

High resistance level – $3,050

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