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Home»Analysis»Ethereum Price Rebounds, Why 100 SMA Is Key to New Rise
Analysis

Ethereum Price Rebounds, Why 100 SMA Is Key to New Rise

2023-11-29No Comments3 Mins Read
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Ethereum price recovered from the $1,985 zone. ETH is showing positive signs and could rise further if it clears the USD 2,075 resistance.

  • Ethereum is rebounding higher from the $1,985 zone.
  • The price is trading above USD 2,040 and the 100-hourly Simple Moving Average.
  • There was a break above a key bearish trendline with resistance near $2,040 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if it remains above the 100-hour Simple Moving Average.

Ethereum price looks fresh

Ethereum price peaked before the $2,000 support before the bulls appeared. ETH traded as low as $1,986 and recently started a recovery wave, much like Bitcoin.

There was a decent increase above the USD 2,020 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,132 swing high to the $1,986 low. Additionally, there was a break above a key bearish trendline with resistance around $2,040 on the hourly chart of ETH/USD.

Ethereum is now trading above $2,040 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,075 zone. It is close to the 61.8% Fib retracement level of the downward move from the $2,132 swing high to the $1,986 low.

The first major resistance is near the $2,100 level. The next resistance is at $2,130. A clear move above the USD 2,130 level could send the price towards the USD 2,150 resistance zone.

Ethereum price

Source: ETHUSD on TradingView.com

The next resistance is near USD 2,220, above which the price could aim for a move towards the USD 2,265 level. Any further gains could trigger a wave towards the $2,320 level.

See also  The XRP price could gain strength if this major barrier is removed

Another drop in ETH?

If Ethereum fails to clear the USD 2,075 resistance, it could trigger another decline. The initial downside support is near the $2,045 level and the 100-hourly Simple Moving Average, below which the bears could gain strength.

The next major support is $2,000. A downward break below $2,000 could trigger a strong bearish move. The key support is now at $1,930, below which there is a risk of a move towards the $1,880 level in the near term.

Technical indicators

hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

RSI per hour – The RSI for ETH/USD is now above the 50 level.

Major support level – $2,045

Major resistance level – $2,075

Source link

Ethereum Key Price Rebounds Rise SMA
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