Ethereum Hurdles Keep On Pushing But 100 SMA Could Start New Rally

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Ethereum Hurdles Keep On Pushing But 100 SMA Could Start New Rally


The ethereum hurdles are stopping the price from rising as ETH now had a hard time clearing the $1150 level and starting a fresh decline against the US dollar. The price is trading well below the 100 hourly SMA and the $1100 so let’s find out some more in today’s etheruem news.

Ethereum is showing a few bearish signs after it got rejected from the $1150 resistance zone and the price is now trading well below the $1100 and the hourly simple moving average with a key bearish trend line happening with the resistance near the $1070 on the hourly charts of the pair. The ETH/USD has to settle above $1120 and the 100 hourly SMA to start a fresh rally.

ETHusd
Source ETHUSD on TradingView.com

There was a strong recovery wave in BTC recently as well as in other altcoins. Ethereum’s price broke the $1080 and the $1100 resistance levels as it spiked above $1200. However, the bears defended a huge resistance zone at the $1150 level and the 100 hourly simple moving average. The new high was formed near $1152 before the price started a decline while still breaking below the $1200 and the $1100 support levels.

The ethereum hurdles made the price drop below 50% Fib retracement level from the recovery wave of the $910 swing low to the $1152 high and there’s a new bearish trend line in place with the resistance near the $1070 on the hourly charts of the pair. If there’s no upside break above this trend line resistance and the 100 hourly simple moving average, there’s a potential risk of further losses. The initial support here is set at $1000. The next support level that is of huge importance for ETH is set at the $950 level below which the ETH price could continue moving down to the $900 zone in the near-term.

eth usd
Image Courtesy of Josh Olszewicz. Source ETHUSD on TradingView.

If ETH breaks the trend line resistance of $1100, there could be a stronger increase with the main resistance still nearing the $1150 zone and the 100 hourly simple moving average. Closing above these levels and the 100 SMA could change the current sentiment. The next major hurdle for ETH sits at $1150 and $1120 but the hourly MACD for the pair shows that it also struggles to gain pace in the bullish zone. The hourly RSI for the pair is well below the 50 level.

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