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

Read more ... source: TheBitcoinNews

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