TA: Ethereum Closes Above 100 SMA, Here’s What It Means for ETH

TA: Ethereum Closes Above 100 SMA, Here’s What It Means for ETH

Ethereum extended its upward move above the $2,550 resistance zone against the US Dollar. ETH price settled above the 100 hourly SMA and it might continue to rise.

  • Ethereum extended its recovery wave above the $2,550 and $2,600 levels.
  • The price is now trading above the $2,500 support and the 100 hourly simple moving average.
  • There was a break above a crucial bearish trend line with resistance near $2,250 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now showing positive signs above $2,500, but it is also facing hurdles near $2,760.

Ethereum Price Gains Traction

Ethereum remained supported above the $2,200 level and it started a steady recovery wave. There was a break above a couple of important hurdles near the $2,250 level.

There was also a break above a crucial bearish trend line with resistance near $2,250 on the hourly chart of ETH/USD. It opened the doors for a strong move above the $2,500 level and the 100 hourly simple moving average.

Ether even cleared the $2,600 and $2,700 levels. It traded as high as $2,7608 before starting a downside correction. The price corrected lower below the $2,700 level.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate support is near the $2,525 level. It is near the 23.6% Fib retracement level of the upward move from the $1,740 swing low to $2,768 high. The first major support is near the $2,480 level and the 100 hourly simple moving average.

On the upside, the first major resistance is near the $2,750 level. A clear break above the recent high could lead the price towards the $2,930 resistance. The next key resistance is near $3,000. Any more gains might call for a test of the $3,200 level.

Fresh Decline in ETH?

If Ethereum fails to continue higher above the $2,700 and $2,760 resistance levels, it could start another decline. An initial support on the downside is near the $2,500 zone.

The first key support is near the $2,480 level and the 100 hourly SMA. The main support is now forming near the $2,255 level. It is near the 50% Fib retracement level of the upward move from the $1,740 swing low to $2,768 high.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is moving lower towards the 50 level.

Major Support Level – $2,480

Major Resistance Level – $2,760

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: