TA: Ethereum is Showing Early Signs of Fresh Rally, But 100 SMA is the Key

Share This Post

Ethereum started a fresh increase above the $3,750 level against the US Dollar. ETH price is now struggling to gain pace above the $3,850 zone.

  • Ethereum started a steady increase above the $3,700 zone and $3,750.
  • The price is trading above $3,750 and the 100 hourly simple moving average.
  • There is a key bullish trend lien forming with support near $3,780 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the 100 hourly SMA to avoid a fresh decline in the near term.

Ethereum Price Starts Decent Increase

Ethereum formed a base above $3,600 and started a fresh increase. ETH was able to climb above the $3,750 resistance zone to move into a positive zone.

There was a clear move above the $3,800 level and the 100 hourly simple moving average. A new weekly high was formed near $3,854 and the price is now consolidating gains. There was a minor decline below the $3,840 and $3,820 levels.

The price traded below the 23.6% Fib retracement level of the recent increase from the $3,622 swing low to $3,854 high. It is now trading near $3,800 and the 100 hourly simple moving average.

Ethereum Price
Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $3,820 level. The next major resistance is near the $3,850 level. A clear upside break above the $3,850 level could pump the price towards $4,000. Any more gains could send the price towards the $4,120 level. The main resistance is near the $4,200 level.

Downside Break in ETH?

If ethereum fails to start a fresh increase above the $3,850 level, it could start a downside correction. An initial support on the downside is near the $3,780 level or the trend line. The first key support is now forming near the $3,865 and the 100 hourly SMA.

A downside break below the 100 hourly SMA could put a lot of pressure on the bulls. In the stated case, the price could decline towards the $3,740 support zone in the near term. It is near the 50% Fib retracement level of the recent increase from the $3,622 swing low to $3,854 high.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is near the 50 level.

Major Support Level – $3,750

Major Resistance Level – $3,850

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bhutan fourth largest Bitcoin holder among countries with 13,029 BTC stash

The Royal Government of Bhutan holds 13,029 Bitcoin (BTC), worth roughly $755 million at current prices, according to on-chain data gathered by Arkham Intelligence Additionally, wallets tied to the

Best Binance Referral Code / ID for Maximum Bonuses

Binance, the world’s leading cryptocurrency exchange, offers a secure, user-friendly environment for buying, selling, and trading a wide variety of digital assets And now, there’s an

Dogecoin Breaking Out Of Monthly Downtrend: Can DOGE Reach $12?

Dogecoin (DOGE) is holding strong above a key price level after a small market dip on Sunday, putting it at a crucial turning point The meme coin recently broke out of a monthly downtrend that has

Analyst Claims Saudi Arabia Has Covertly Bought 160 Tonnes of Gold Since 2022

Jan Nieuwenhuijs, a gold market analyst, claims that Saudi Arabia has been covertly buying gold since 2022, trying to get its hands on physical gold due to its neutral and sanction-proof traits

Unlock Massive Gains: 3 Reasons to Add FLOKI & GEGG to Your Portfolio as They Shake the Market

The cryptocurrency space is no stranger to market-shaking trends, and with the latest buzz around GoodEgg (GEGG) and Floki (FLOKI), investors are paying close attention Both of these innovative

FET Millionaire Worth $8m pledges 18% of Portfolio to GoodEgg (GEGG) Presale, Currently at $0.00015

Artificial Superintelligence Alliance (FET) has long been a top choice for AI-focused crypto investors, especially those looking to gain exposure to advanced artificial intelligence and machine