TA: Ethereum Loses Steam, Why 100 SMA Is The Key For More Gains

Ethereum was able to clear the $1,700 resistance against the US Dollar. ETH failed to stay above $1,700 and is currently struggling to continue higher.

Ethereum was able to slowly move higher above $1,650 and $1,700. The price is now trading above $1,655 and the 100 hourly simple moving average. There is a crucial rising channel forming with support near $1,670 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it stays above the $1,655 support zone.

Ethereum Price Tops Near $1,700

Ethereum started an upside correction above the $1,650 resistance zone. ETH climbed above the $1,660 and $1,675 levels to move into a short-term positive zone.

There was a spike above the $1,700 level and a close above the 100 hourly simple moving average. Ether price even moved a few points above the 50% Fib retracement level of the key decline from the $1,880 swing high to $1,525 low.

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

However, the bulls failed to stay above the $1,700 resistance zone. It is now moving lower below $1,680. There is also a crucial rising channel forming with support near $1,670 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $1,700 level. The first major resistance is now forming near the $1,720 level. The next major resistance is near the $1,745 level. It is near the 61.8% Fib retracement level of the key decline from the $1,880 swing high to $1,525 low.

Ethereum-18.png

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Get 110 USDT Futures Bonus for FREE! Source: ETHUSD on TradingView.com

A clear move above the $1,745 level might send the price towards $1,800 resistance. Any more gains may perhaps open the doors for a test of the $1,850 resistance.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,720 resistance, it could start a fresh decline. An initial support on the downside is near the $1,670 zone and the channel trend line.

The next major support is near $1,655 and the 100 hourly simple moving average, below which ether price might accelerate lower. In the stated case, the price may perhaps decline towards the $1,600 level. Any more losses may perhaps send the price towards the $1,550 level.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,655

Major Resistance Level – $1,720

Source Link

« Previous article Bitcoin price taps $21.3K ahead of Fed Chair Powell Jackson Hole speech
Next article » Ethereum dev addresses node centralization concerns in runup to the Merge