Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Ethereum Price Could Rally If It’s Able To Reclaims The 100 SMA

Share This Post

Ethereum price started a recovery wave from the $2,820 zone. ETH is rising and now facing a major hurdle near the 100-hourly simple moving average.

  • Ethereum found support at $2,820 and started a recovery wave.
  • The price is trading below $3,050 and the 100-hourly Simple Moving Average.
  • There was a break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh decline if it fails to clear the $3,050 resistance.

Ethereum Price Faces Key Hurdle

Ethereum price extended losses below the $3,000 level, like Bitcoin. ETH even 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. The price cleared the 23.6% Fib retracement level of the downward move from the $3,355 swing high to the $2,813 low. Besides, there was a break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD.

However, the bears are active near the 100-hourly Simple Moving Average. Ethereum is now trading below $3,030 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,030 level. The first major resistance is near the $3,050 level.

The next key resistance sits at $3,085 or the 50% Fib retracement level of the downward move from the $3,355 swing high to the $2,813 low, above which the price might gain traction and rise toward the $3,150 level.

Ethereum Price

Source: ETHUSD on TradingView.com

If the bulls remain in action and push the price above $3,150, there could be a drift toward the $3,250 resistance. Any more gains could send Ether toward the $3,350 resistance zone.

Another Decline In ETH?

If Ethereum fails to clear the $3,050 resistance, it could start another decline. Initial support on the downside is near the $2,940 level. The first major support is near the $2,880 zone.

The main support is near the $2,820 level. A clear move below the $2,820 support might push the price toward $2,740. Any more losses might send the price toward 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 now above the 50 level.

Major Support Level – $2,940

Major Resistance Level – $3,050

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

OpenAI Codex Hype Grows – Final Days to Grab Mind of Pepe ($MIND)

There’s a new AI buzz on the block, and it’s coming straight out of OpenAI’s labs Codex, their latest creation, just dropped – and the tech world is already losing its mind This shiny new

With OpenAI’s New Programming Agent Making Headlines, Here’s Why MIND of Pepe Is DeFi’s Best AI Agent

The coding community is buzzing with excitement as OpenAI announces the launch of Codex It’s a cloud-based software engineering agent built to lend a helping hand Codex will allow developers to

Ripple News: Why XRP Is Winning Institutional Trust?

The post Ripple News: Why XRP Is Winning Institutional Trust appeared first on Coinpedia Fintech News A recent breakdown by crypto analyst All Things XRP has reignited attention around XRP’s

Is Pi Network Dead? Pi Coin Price Crash Raises Concerns 

The post Is Pi Network Dead Pi Coin Price Crash Raises Concerns  appeared first on Coinpedia Fintech News The Pi Network community is in shock as Pi Coin plunged over 20% in the last 24 hours,

Panama City to Adopt Bitcoin Reserve Like El Salvador— Hints Mayor Mizrachi

The post Panama City to Adopt Bitcoin Reserve Like El Salvador— Hints Mayor Mizrachi appeared first on Coinpedia Fintech News Panama City could be on track to become Central America’s next

$40 Billion Worth Of XRP On The Move – Where Are They Headed?

Onchain data shows that over $40 billion worth of XRP has been moved over the last week, which puts the altcoin on the edge Specifically, these coins were transferred to exchanges, which indicates