Pentaxcoin

Ethereum (ETH) Corrects Lower, Why 100 SMA Could Trigger Fresh Rally

Ethereum extended its rise and traded close to $2,900 against the US Dollar. ETH price is correcting gains and it is likely to remain strong above the 100 hourly SMA

Ethereum failed to clear the $2,900 level and it corrected lower from $2,885.
The price is still holding the $2,700 support and the 100 hourly simple moving average.
There was a break below a short-term bullish trend line with support near $2,750 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a strong increase as long as there is no break below the 100 hourly SMA and $2,650.

Ethereum Price Is Holding Support
Yesterday, ethereum started a fresh increase above the $2,650 resistance zone. ETH gained pace above the $2,700 and $2,750 levels. There was also a break above the $2,800 level and the 100 hourly simple moving average.
However, the price failed to continue higher above $2,900. A high was formed near $2,886 and the price recently started a fresh decline. There was a break below the $2,800 support zone. Ether price even traded below the 23.6% Fib retracement level of the upward move from the $2,530 swing low to $2,996 high.
There was a break below a short-term bullish trend line with support near $2,750 on the hourly chart of ETH/USD. The pair is now testing the 50% Fib retracement level of the upward move from the $2,530 swing low to $2,996 high.

Source: ETHUSD on TradingView.com
It is also holding the $2,700 support and the 100 hourly simple moving average. An initial resistance on the upside is near the $2,780 and $2,800 levels. The first major resistance is near the $2,850 level.
The main breakout resistance is now forming near the $2,900 level. A close above the $2,900 level will most likely call for a test of the $3,000 barrier in the near term.
Dips Supported in ETH?
If Ethereum fails to clear the $2,800 and $2,850 resistance levels, it could extend its decline. An initial support on the downside is near the $2,700 level.
The main support is now forming near the $2,680 level and the 100 hourly SMA. A downside break below $2,680 and $2,650 could open the doors for a larger decline. In the stated case, ether price might revisit USD 2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $2,650
Major Resistance Level – $2,850

Armando Morrison

Armando Morrison

I’m a sought-after speaker in the cryptocurrency niche. I have presented at major conferences around the world, including The World Economic Forum in Davos.In addition to my writing and speaking engagements, I’m also an active investor in the space. I’m a partner at Blockchain Capital, one of the leading venture firms focused on blockchain technology.

slot online gampang menang

https://www.betaalbarekunst.nl/situs-judi-slot-gacor-online-gampang-menang/

https://www.betaalbarekunst.nl/kunstnieuws/slot88-gacor-online-gampang-menang/

https://www.circular.gconnect.in/daftar-slot-gacor-online-gampang-menang/

slot gacor/

slot gacor gampang menang/

https://www.mfpc.org.my/slot-gacor/

https://247newsaroundtheworld.com/slot/

https://www.reisewelten.ch/daftar-situs-judi-slot-online-gampang-menang/

http://hospice26.ru/situs-judi-slot-online-gampang-menang/

http://sportsvews.com/

http://www.techeasypay.com/slot-gacor-online-gampang-menang/

http://eganacsi.com/slot88-slot-gacor-online-terbaru/

https://timeofhindustan.com/slot-gacor/

https://www.reisewelten.ch/slot-gacor/

slot gacor

daftar slot gacor online gampang menang

situs slot gacor

slot gacor