Cryptocurrency News

Ethereum corrects gains, here’s why 100 SMA is the key to fresh growth

Ethereum failed to continue above $ 2,900 against the US dollar. ETH Price corrected the gain and is now trading near $ 2,640 and a major support at the 100-hour SMA.

  • Ethereum broke resistance at $ 2,850, but it failed to achieve speeds above $ 2,900.
  • Price is now testing support for $ 2,650 and a 100-hour simple moving average.
  • There was a break below the major bullish trend line on ETH / USD’s hourly chart with support at $ 2,750 (data feed via Kraken).
  • The pair must stay above the 100-hour moving average to avoid falling toward the support level of $ 2,380.

Ethereum price reaches major support

Ethereum Increased its recovery wave Above resistance levels of $ 2,800 and $ 2,850. ETH also went above the $ 2,900 level and well above the 100-hour simple moving average.

However, it failed to achieve speeds above $ 2,900. The bull made two attempts to push the price above $ 2,920, but they were unsuccessful. The recent high was made near $ 2,912 before the price began to fall.

Ether fell below the support levels of $ 2,850 and $ 2,800. There was a break below a major bullish trend line with support at $ 2,750 on the hourly chart of ETH / USD. The pair also fell below the 23.6% Fibonacci retracement level, rising from a low of $ 2,370 to a high of $ 2,912.

Ether Price is now testing support for $ 2,650 and 100-hour moving average. This is close to a 50% Fibonacci retreatment from a low of $ 2,370 upward to a high of $ 2,912.

Source: ETHUSD on

On the upside, the immediate resistance is near the broken trend line at $ 2,800. The next major resistance is near the $ 2,900 level, above which the price may try to move towards the $ 3,000 resistance zone.

More loss in ETH?

If Ethereum fails to continue above the resistance levels of $ 2,800 and $ 2,900, it may increase its decline. On the downside, early support is near the $ 2,650 zone and a 100-hour moving average.

A negative break below a 100-hour SMA can lead to a large drop. The next major support is near the $ 2,380 level. Any further losses could move the price towards the $ 2,185 support area.

Technical indicators

Hourly macdThe MACD for ETH / USD is slowly losing momentum in the bull zone.

Hourly RSIThe RSI for ETH / USD is currently below the 50 level.

Key Support Level – $ 2,650

Major Resistance Level – $ 2,800

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