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Home Crypto Market Ethereum Price Analysis Ethereum Reclaims 100 SMA, What Does This Means For the Bulls

Ethereum Reclaims 100 SMA, What Does This Means For the Bulls

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Ethereum remained strong above the $2,200 level and it climbed higher against the US Dollar. ETH price is back above the 100 hourly SMA and it is signaling more upsides above $2,400.

  • Ethereum gained pace and it cleared the $2,300 resistance zone.
  • The price is now trading well above $2,300 and the 100 hourly simple moving average.
  • There was a break above a crucial bearish trend line with resistance near $2,175 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is showing positive signs and it is likely to continue higher above $2,400.

Ethereum Price Is Gaining Pace

Ethereum remained well bid above the $2,100 zone. As a result, ETH started a fresh increase above the $2,180 and $2,200 resistance levels.

There was a clear break above a crucial bearish trend line with resistance near $2,175 on the hourly chart of ETH/USD. It opened the doors for a steady increase above the $2,250 and $2,300 resistance levels.

Ether climbed above the 61.8% Fib retracement level of the key decline from the $2,500 swing high to $1,950 swing low. It is now trading well above $2,300 and the 100 hourly simple moving average. An immediate resistance is near the $2,350 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The first key resistance is near the $2,370 level. It is near the 76.4% Fib retracement level of the key decline from the $2,500 swing high to $1,950 swing low. A clear upside break above the $2,350 and $2,370 levels could set the pace for a surge above the $2,400 level. In the stated case, ether price may easily revisit the $2,500 zone.

Downsides Limited in ETH?

If Ethereum fails to clear the $2,350 and $2,370 resistance levels, it could correct lower. An initial support on the downside is near the $2,300 zone.

The first support is now forming near the $2,250 level and the 100 hourly simple moving average. If ether fails to stay above the 100 hourly simple moving average, there is a risk of more downsides below the $2,200 support. The next major support below $2,200 sits near the $2,150 pivot level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

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

Major Support Level – $2,250

Major Resistance Level – $2,350


Source:
NewsBTC

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