• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Chainlink
Nexo Logo

TA: Ethereum Corrects $200: Why ETH Remains Attractive Near 100 SMA

Aayush Jindal by Aayush Jindal
1 year ago
in ETH
Reading Time: 2 mins read
Advertisement

Ethereum traded to a new yearly high at $1,280 before correcting lower against the US Dollar. ETH price declined over $200, but the bulls were active near the 100 hourly simple moving average.

  • Ethereum gained pace above $1,200 and it traded to a new multi-month high near $1,280.
  • The price is correcting gains, but it is well bid above $1,100 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $1,225 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher as long as it is above the $1,100 level and the 100 hourly SMA.

Ethereum Price Corrects Sharply

There was a strong upward move yesterday in bitcoin and Ethereum above $28,500 and $1,200 respectively. ETH price even spiked above the $1,250 level and traded to a new multi-month high near $1,280.

Recently, there was a sharp downside correction below the $1,200 level. Ether price declined over $200 and it even spiked below the $1,100 level. There was also a break below a major bullish trend line with support near $1,225 on the hourly chart of ETH/USD.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

However, the bulls remained active near the 100 hourly simple moving average. A low is formed near $1,065 and the price is currently rising. It broke the $1,100 level and trading nicely above the 100 hourly SMA.

Ethereum Price

Source: ETHUSD on TradingView.com

Ether climbed above the 23.6% Fib retracement level of the downside correction from the $1,279 high to $1,065 low. It is now facing hurdles near the $1,175 and $1,180 levels (a key breakdown zone).

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The 50% Fib retracement level of the downside correction from the $1,279 high to $1,065 low is also acting as a resistance for the bulls. If there is a clear break above $1,180 and a follow up move above $1,200, the price could start a fresh increase towards the $1,280 and $1,300 levels.

Dips Limited in ETH?

If ethereum fails to clear the $1,180 and $1,200 resistance levels, it could start another downside correction. An initial support on the downside is near the $1,135 level.

The main support is now forming near the $1,100 level and the 100 hourly SMA. If there is a close below the 100 hourly SMA, the price could decline heavily towards the $1,000 support level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently recovering towards the 45 level.

Major Support Level – $1,100

Major Resistance Level – $1,200

Tags: ethereumethusdETHUSDT
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Ethereum

TA: Ethereum Trims Gains, Why ETH Remains At Risk Below $1,100

17 hours ago
Ethereum

TA: Ethereum Key Indicators Suggest A Sharp Drop Below $1K

2 days ago
Ethereum

TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.2K

3 days ago
Ethereum

Ethereum Plugs 11-Week Bleed, why $1,500 May Be On The Horizon

3 days ago
Ethereum

TA: Ethereum Turns Red, Why ETH Must Hold This Key Support

4 days ago
Ethereum

TA: Ethereum Bulls In Control, Why ETH Could Clear $1,300

5 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Crypto To Add The Best Gains To Your Portfolio For Bull Market: Gnox (GNOX), Cronos (CRO) And NEAR Protocol (NEAR)

July 1, 2022

U Promise Me: The Digital Promise Platform

July 1, 2022

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.