{"id":429588,"date":"2020-07-05T06:08:43","date_gmt":"2020-07-05T06:08:43","guid":{"rendered":"https:\/\/wncen.com\/?p=429588"},"modified":"2024-06-12T09:20:43","modified_gmt":"2024-06-12T09:20:43","slug":"ethereum-100-sma-could-spark-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-100-sma-could-spark-rally\/","title":{"rendered":"Ethereum Lacking Momentum, But Here\u2019s Why 100 SMA Could Spark Fresh Rally"},"content":{"rendered":"
Ethereum is struggling to clear the $230 resistance level against the US Dollar. ETH price is showing positive signs and it seems like a close above the 100 SMA (H4) could trigger a fresh rally.<\/em><\/p>\n After a strong rejection near $250, Ethereum started a major decline below the $238 support against the US Dollar. ETH price traded below the $230 support level and settled well below the 100 simple moving average (4-hours).<\/p>\n The decline was such that the price even spiked below $220. A low was formed near $216 before the price started an upside correction. There was a break above the $220 level, plus the 23.6% Fib retracement level of the downward move from the $250 swing high to $215 low.<\/p>\n The upward move was capped by the $232 resistance<\/a>. It represents the 50% Fib retracement level of the downward move from the $250 swing high to $215 low. The price is currently trading above the $225 support, but it is struggling to gain momentum above the 100 simple moving average (4-hours).<\/p>\n <\/a><\/p>\n Recently, there was a break above an important bearish trend line with resistance near $225 on the 4-hours chart of ETH\/USD. This is a positive sign, but the bulls still need to push the price above the 100 SMA and $230.<\/p>\n\n
Ethereum Price Testing 100 SMA (H4)<\/h2>\n
Ethereum price testing $230. Source: TradingView.com<\/a><\/pre>\n