{"id":428050,"date":"2020-06-21T07:08:43","date_gmt":"2020-06-21T07:08:43","guid":{"rendered":"https:\/\/wncen.com\/?p=428050"},"modified":"2024-06-11T13:06:19","modified_gmt":"2024-06-11T13:06:19","slug":"ethereum-eth-strong-case-above-100-sma","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-eth-strong-case-above-100-sma\/","title":{"rendered":"Ethereum Signaling Bullish Breakout: A Strong Case For Upside Above 100 SMA"},"content":{"rendered":"
Ethereum is recovering from the $225 support against the US Dollar. ETH price is now trading near the $230 level ad it seems like there are chances of more gains if it breaks the 100 SMA (H4).<\/em><\/p>\n This past week, Ethereum grinded lower after it failed to clear the $235 resistance<\/a> against the US Dollar. ETH price broke the $230 support level and settled well below the 100 simple moving average (4-hours).<\/p>\n However, the $225 support zone acted as a strong buy zone. A low is formed near $224 and the price started a steady increase. There was a break above the $228 resistance, plus the 23.6% Fib retracement level of the downward move from the $237 high to $224 low.<\/p>\n There was also a break above a major declining channel or a bullish flag with resistance near $228 on the 4-hours chart of ETH\/USD. It has opened the doors for more gains<\/a> above the $230 level.<\/p>\n <\/a><\/p>\n Ether price is currently showing a lot of positive signs and it might continue to rise towards the $232 resistance and the 100 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $237 high to $224 low might also act as a resistance.<\/p>\n The main resistance is still near the $235 level. A successful close above the $235 resistance could lead the price further higher. The next major resistance is seen near the $240 level, above which it could test $250.<\/p>\n On the downside, there are many important supports forming near the $228 and $225 levels. If Ethereum fails to clear the 100 SMA, there are chances of a fresh drop below $228.<\/p>\n A downside break below the $225 support zone could accelerate decline in ether. Any further losses might open the doors for a push towards $218 or even $205.<\/p>\n Technical Indicators<\/p>\n 4 hours MACD \u2013 The MACD for ETH\/USD is slowly gaining in the bullish zone.<\/p>\n 4 hours RSI – The RSI for ETH\/USD is currently just above the 50 level.<\/p>\n Major Support Level \u2013 $225<\/p>\n Major Resistance Level \u2013 $235<\/p>\n\n
Ethereum Price Could Struggle Near 100 SMA<\/h2>\n
Ethereum price trades below $230. Source: TradingView.com<\/a><\/pre>\n
Fresh Drop in ETH?<\/h2>\n