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

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

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell, or hold an investment, and investing naturally involves risk. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

Related Article


Leave a Comment