Ethereum Price Technical Analysis – 100 SMA Holds Key

Key Highlights

  • Ethereum price started to correct lower against the US Dollar, and it looks like it made a short-term top near $10.44.
  • There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a resistance and pushing the price down.
  • On the downside, the 100 hourly simple moving average is acting as a support area and protecting losses.

Ethereum price looks like made a minor top above $10.00. If the current price acting is true, then a break of 100 SMA may ignite a larger correction.

Ethereum Price – Can sellers break the 100 SMA?

Ethereum price ETH struggled to retain the bullish bias, and started to correct lower against the US Dollar. There was a drop below the $9.00 level, but the price quickly recovered. The 100 hourly simple moving average is acting as a support for ETH/USD as of writing, and may play a major role for the next move in the near term.

If the bulls fail to protect the 100 SMA support area, then a close below it could call for a larger correction in ETH. On the upside, there is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a downside move catalyst. As long as the price is below the highlighted trend line and resistance area, it may make an attempt to break the 100 SMA.

Ethereum Price Technical Analysis

I would not suggest any trade in ETH/USD at present, as the current price action is choppy. Let’s wait for a break either above the trend line on the upside or below the 100 SMA on the downside for the next move.

Hourly MACD – The MACD is in the bearish slope, calling for more losses.

Hourly RSI – The RSI is well below the 50 level, suggesting that sellers are in control at the moment.

Intraday Support Level – $9.00

Intraday Resistance Level – $9.50

Charts courtesy of Kraken via Trading View

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