TA: Ethereum Overcome Hurdles, Why 100 SMA Is The Key

Ethereum found support near $2,830 and recovered losses against the US Dollar. ETH price could continue to rise if it stays above the 100 hourly SMA. Ethereum started a decent recovery wave above the $2,900 resistance zone. The price is now trading above $3,000 and the 100 hourly simple moving average. There was a break above a major declining channel with resistance near $2,920 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend increase if there is a clear move above $3,060. Ethereum Price Eyes Upside Break Ethereum started a downside correction below the $3,000 support zone and the 100 hourly simple moving average. However, ETH found support near $2,830 and formed a base for a fresh increase. The price climbed above the $2,900 and $2,920 resistance levels. There was a move above the 23.6% Fib retracement level of the key decline from the $3,283 swing high to $2,832 low. Besides, there was a break above a major declining channel with resistance near $2,920 on the hourly chart of ETH/USD. Ether is now trading above $3,000 and the 100 hourly simple moving average. An immediate resistance is near the $3,040 level. The first major resistance is near the $3,060 level. Source: ETHUSD on TradingView.com It coincides with the 50% Fib retracement level of the key decline from the $3,283 swing high to $2,832 low. A successful close above $3,060 might start another increase. In the stated case, the price could ...