Ethereum Recovers 6%, Why 100 SMA Is The Key For Upsides


Ethereum extended its decline and tested $1,000 support against the US Dollar. ETH is recovering, but it needs to clear $1,280 to start a steady upward move.

  • Ethereum fell towards the $1,000 level before the bulls appeared.
  • The price is now trading below $1,280 and the 100 hourly simple moving average.
  • There was a break above the major downtrend line with resistance near $1,205 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could resume its decline unless it deals with $1280 and $1300 in the near term.

Ethereum price faces major resistance

Ethereum started a new decline below the $1,100 level. Rolling price to A New low in several months And it tested the nearly $1,000 support area.

The bottom formed near $1013 before the price started an upward correction. There was a recovery wave above the $1,120 and $1,150 levels. Ether price rose above the 23.6% Fib retracement level of the major decline from the $1,546 swing high to $1013 low.

Besides, there was a break above the major downtrend line with resistance near $1,205 on the hourly chart of ETH/USD. However, the price is still trading below $1,280 and 100-hour simple moving average.

The bears were active near the $1,260 resistance area. The next major resistance is near the $1,280 area and the 100 hourly simple moving average. The 50% Fib retracement level of the major decline from the $1,546 swing high to $1,013 low is also near the $1,280 region.

Ethereum price

Source: ETHUSD on TradingView.com

A clear move above the $1,280 resistance area may start a proper upward move. The next major resistance is near the $1,420 level. Any further gains could start to move towards the $1550 resistance.

A new drop in ETH?

If Ethereum fails to rise above the resistance level at $1,280, it may start a new decline. There is initial support on the downside near the $1180 region.

The next major support is near the $1,125 region. A clear move and a break below $1,125 could start a significant decline. In the mentioned case, the price may slide towards the $1,000 support area in the near term.

Technical Indicators

MACD per hourETH/USD’s MACD is losing momentum in bullish territory.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Key Support Level – $1,125

Key Resistance Level – $1,280



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