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.

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 MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is moving lower towards the 50 level.
Major Support Level – $2,480
Major Resistance Level – $2,760

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 41,872.22
ethereum
Ethereum (ETH) $ 2,252.36
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 230.52
xrp
XRP (XRP) $ 0.621614
solana
Solana (SOL) $ 61.31
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,250.65
cardano
Cardano (ADA) $ 0.405021
dogecoin
Dogecoin (DOGE) $ 0.087869
tron
TRON (TRX) $ 0.103716
chainlink
Chainlink (LINK) $ 15.92
avalanche-2
Avalanche (AVAX) $ 21.79
matic-network
Polygon (MATIC) $ 0.804567
polkadot
Polkadot (DOT) $ 5.62
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 41,719.18
litecoin
Litecoin (LTC) $ 73.36
dai
Dai (DAI) $ 0.999316
shiba-inu
Shiba Inu (SHIB) $ 0.000009
bitcoin-cash
Bitcoin Cash (BCH) $ 245.51
uniswap
Uniswap (UNI) $ 6.15
okb
OKB (OKB) $ 58.77
leo-token
LEO Token (LEO) $ 3.73
stellar
Stellar (XLM) $ 0.122682
kaspa
Kaspa (KAS) $ 0.143280
monero
Monero (XMR) $ 168.79
true-usd
TrueUSD (TUSD) $ 0.999343
cosmos
Cosmos Hub (ATOM) $ 9.64
ethereum-classic
Ethereum Classic (ETC) $ 19.90
crypto-com-chain
Cronos (CRO) $ 0.096868
internet-computer
Internet Computer (ICP) $ 5.15
filecoin
Filecoin (FIL) $ 4.70
lido-dao
Lido DAO (LDO) $ 2.41
near
NEAR Protocol (NEAR) $ 2.14
hedera-hashgraph
Hedera (HBAR) $ 0.062688
aptos
Aptos (APT) $ 7.38
thorchain
THORChain (RUNE) $ 6.75
bittensor
Bittensor (TAO) $ 332.60
immutable-x
Immutable (IMX) $ 1.43
mantle
Mantle (MNT) $ 0.573872
vechain
VeChain (VET) $ 0.023681
optimism
Optimism (OP) $ 1.83
binance-usd
BUSD (BUSD) $ 1.00
aave
Aave (AAVE) $ 100.63
quant-network
Quant (QNT) $ 100.75
terra-luna
Terra Luna Classic (LUNC) $ 0.000250
render-token
Render (RNDR) $ 3.83
injective-protocol
Injective (INJ) $ 16.69
arbitrum
Arbitrum (ARB) $ 1.10
the-graph
The Graph (GRT) $ 0.150155