- Ethereum price managed to move higher and it looks like it might continue to trade higher.
- There are many positive signs emerging on the hourly chart, as the price moved above the 100 hourly simple moving average.
- There was a bearish trend line break noted as well, which might encourage buyers moving ahead.
Ethereum price moved higher and settled above the 100 MA, and looks set for more gains in the near term.
100 MA as support?
The Ethereum price after trading as low as 0.00230BTC managed to gain bids and traded higher. The upside reaction was strong, which ignited a move higher. The price broke a major bearish trend line on the hourly chart, which paved the way for more gains. The most important point was the fact that the price settled above the 100 hourly simple moving average. The price traded as high as 0.00322BTC where it found sellers for a move lower.
The price is currently correcting lower, and finding buyers near the 100 hourly simple moving average. Moreover, the Middle Bollinger Band and the 50% Fib retracement level of the last wave from the 0.00230BTC low to 0.00322BTC is also positioned around the 100 hourly MA. In short, there is a major support formed around 0.00270BTC. Furthermore, the broken trend line might also provide support to the price if it breaks the 100 MA and moves further lower. One important bearish sign to note is the fact that the RSI has moved below the 50 level, which could ignite a downside rally.
On the upside, 0.00300BTC is a short-term resistance area. A break above it might call for a move towards the last high.
Intraday Support Level – 0.00270BTC
Intraday Resistance Level – 0.00300BTC
The hourly MACD is flat, which is a sign that the price might consolidate for some time.
Charts courtesy of Trading View