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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Ethereum

TA: Ethereum Steadies Above $500: Why 100 SMA Could Prevent Upsides

Aayush Jindal by Aayush Jindal
3 years ago
in ETH
Reading Time: 2 mins read

Ethereum declined below $500 before the bulls appeared near $480 against the US Dollar. ETH price is correcting higher, but it is likely to face a strong resistance near $550 and the 100 hourly SMA.

  • Ethereum started an upside correction after forming a strong support at $480.
  • The price is facing a strong resistance near $550 and the 100 hourly simple moving average.
  • There is a short-term contracting triangle forming with resistance near $528 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could test the $550 resistance if it clears the triangle resistance zone.

Ethereum Price is Facing Hurdles

Yesterday, we saw a sharp decline in bitcoin, Ethereum, ripple and other altcoins. ETH even broke the $550 support level and settled well below the 100 hourly simple moving average.

It opened the doors for more downsides and the price even spiked below $500. Finally, ether found support near the $480 level. The bears made two attempts to clear the $480 support, but they failed. The price started a decent recovery wave above the $500 level.

There was a break above the $510 resistance level. Ether even climbed above the 23.6% Fib retracement level of the recent decline from the $623 swing high to $478 low.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, there is a major hurdle forming near the $550 level and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with resistance near $528 on the hourly chart of ETH/USD.

If there is an upside break above the triangle resistance, the price could test the $550 barrier. It is also close to the 50% Fib retracement level of the recent decline from the $623 swing high to $478 low. To move back into a positive zone, the price must clear the $550 resistance and settle above the 100 hourly SMA.

More Losses in ETH?

If ethereum fails to recover above the triangle resistance or $550, there could be a fresh decline. An initial support is near the $510 level and the triangle lower trend line.

A downside break below the triangle support could push the price below the $500 level. The main support is near the $480 level, below which there is a risk of a drop towards the $450 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently close to the 50 level.

Major Support Level – $510

Major Resistance Level – $550

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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