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. 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. Source: ETHUSD on TradingView.com A c...