TA: Ethereum Stuck Below $1,825, Why 100 SMA Holds The Key

Aayush Jindal

1 year ago

2 mins read

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Ethereum is facing a strong resistance near the $1,825 and $1,830 levels against the US Dollar. ETH price is likely to remain stable above the 100 hourly SMA or $1,680 in the near term.

Ethereum seems to be struggling to clear the $1,825 and $1,830 resistance levels.
The price is now trading well below $1,800, but it is above the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $1,755 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to remain in a range above the $1,700 support zone or $1,650 in the near term.

Ethereum Price Facing Hurdles

Ethereum made another attempt to clear the $1,825 resistance level, but it failed. ETH formed a high near the $1,818 level and recently started a fresh decline.

Conversely, bitcoin price was able to clear the $48,000 level and it even traded to a new all-time high near $48,680. Ether price is now trading well below the $1,800 level, but it is above the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

It traded below the 23.6% Fib retracement level of the recent wave from the $1,682 swing low to $1,818 high. An immediate support is near the $1,750 level. There is also a major bullish trend line forming with support near $1,755 on the hourly chart of ETH/USD.

On the upside, the price is facing many hurdles, starting with $1,800. The next major resistance is near the $1,825 level. A close above the $1,825 level and a follow up move above the $1,830 level could initiate a strong increase in the coming sessions. In the stated case, the price may perhaps rise towards the $1,880 level.

Dips Supported in ETH?

If Ethereum fails to clear the $1,800 and $1,825 resistance levels, it could continue to move down. On the downside, the first major support is near the $1,750 level and the trend line.

The main support is near the $1,735 zone and the 100 hourly simple moving average. It is close to the 61.8% Fib retracement level of the recent wave from the $1,682 swing low to $1,818 high. A close below the 100 hourly SMA may possibly push the price towards the $1,680 support or even $1,650.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is just below the 50 level.

Major Support Level – $1,735

Major Resistance Level – $1,800

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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