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Ethereum
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Ethereum Lacking Momentum, But Here’s Why 100 SMA Could Spark Fresh Rally

Aayush Jindal by Aayush Jindal
3 years ago
in Ethereum, Technical analysis
Reading Time: 2 mins read

Ethereum is struggling to clear the $230 resistance level against the US Dollar. ETH price is showing positive signs and it seems like a close above the 100 SMA (H4) could trigger a fresh rally.

  • ETH price is slowly moving higher towards the $230 resistance against the US Dollar.
  • A close above the 100 simple moving average (4-hours) could spark a strong upward move.
  • There was a break above an important bearish trend line with resistance near $225 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could dip a few points, but it is likely to make another attempt to clear the $230 resistance.

Ethereum Price Testing 100 SMA (H4)

After a strong rejection near $250, Ethereum started a major decline below the $238 support against the US Dollar. ETH price traded below the $230 support level and settled well below the 100 simple moving average (4-hours).

The decline was such that the price even spiked below $220. A low was formed near $216 before the price started an upside correction. There was a break above the $220 level, plus the 23.6% Fib retracement level of the downward move from the $250 swing high to $215 low.

The upward move was capped by the $232 resistance. It represents the 50% Fib retracement level of the downward move from the $250 swing high to $215 low. The price is currently trading above the $225 support, but it is struggling to gain momentum above the 100 simple moving average (4-hours).

Ethereum Price

Ethereum price testing $230. Source: TradingView.com

Recently, there was a break above an important bearish trend line with resistance near $225 on the 4-hours chart of ETH/USD. This is a positive sign, but the bulls still need to push the price above the 100 SMA and $230.

If there is a successful close above $230 and $232, the price could start a strong increase in the coming sessions. The next target for the bulls could be $250.

Fresh Decline in ETH?

If Ethereum fails to continue higher above the $230 and $232 resistance levels, there are chances of a fresh decline. An initial support is near the $222 level.

A daily close below the $222 support zone could start a steady decrease. The next support is near $215, below which the bears might aim a test of $200.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.

Major Support Level – $222

Major Resistance Level – $232

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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