Ethereum Price Analysis: ETH Could Jump If It Closes Above 100 SMA

Aayush Jindal

1 year ago

2 mins read

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ETH price is forming a decent support near the $134 level against the US Dollar.
The price is currently moving higher and testing the key $136 resistance and the 100 hourly SMA.
There is a major bearish trend line formed with resistance at $136 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a solid upward move once it settled above $136 and the 100 hourly SMA.

Ethereum price is currently approaching key hurdles against the US Dollar and bitcoin. ETH is likely to climb higher sharply once it breaks the $136 and $138 resistance levels.

Ethereum Price Analysis

Recently, there was a slow decrease in ETH price after it failed to clear the $138 resistance against the US Dollar. The ETH/USD pair formed a couple of lower highs and declined below the $136 support level. There was even a close below the $136 support and the 100 hourly simple moving average. The price traded close to the $134 support, where buyers emerged and protected further losses. Later, the price corrected higher above $135 and the 23.6% Fib retracement level of the recent decline from the $138 high to $134 low.

However, the previous support near the $136 level is now acting as a resistance. Besides, there is a major bearish trend line formed with resistance at $136 on the hourly chart of ETH/USD. The pair is also facing hurdles near the 100 hourly simple moving average, currently near $136. Finally, the 50% Fib retracement level of the recent decline from the $138 high to $134 low is also near $136. Therefore, the $136 level and the 100 hourly SMA are crucial hurdles.

To start a solid upward move, the price must break the $136 and $137 resistance levels. The next key resistance is at $138, above which the price is likely to move into a bullish zone. On the downside, the $134 support could play a major role. If there is a fresh decline and the price breaks $134, there might be a sharp sell-off.

Looking at the chart, ETH price is clearly trading near a significant resistance area at $136. Therefore, the price will either break the $136 resistance and climb higher or decline once again. A bearish break below the $134 support may perhaps push the price in a negative zone in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone, with positive signs.

Hourly RSI – The RSI for ETH/USD recently moved above the 50 level and it could continue higher towards the 65 level.

Major Support Level – $134

Major Resistance Level – $136

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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