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Home»EXCHANGE NEWS»If the 100 SMA can be recovered, the Ethereum price may rebound.
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If the 100 SMA can be recovered, the Ethereum price may rebound.

By Crypto FlexsMay 3, 20243 Mins Read
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If the 100 SMA can be recovered, the Ethereum price may rebound.
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Ethereum price began a recovery in the $2,820 area. ETH is on the rise and is currently facing a major hurdle near the 100-hour simple moving average.

  • Ethereum found support at $2,820 and began a recovery.
  • The price is trading below $3,050 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a major bearish trendline with resistance at $3,000.
  • Failure to break the $3,050 resistance level could start a new downtrend for the currency pair.

Ethereum Price Faces Major Hurdle

The price of Ethereum, like Bitcoin, extended losses below the $3,000 level. ETH also tested the $2,820 support zone. The lowest point was reached at $2,813 and the price began to recover.

There was significant movement above the $2,880 and $2,950 resistance levels. Price cleared the 23.6% Fib retracement level of the downward move from the $3,355 swing high to the $2,813 low. Moreover, on the hourly chart of ETH/USD, it has broken a major bearish trendline with resistance at $3,000.

However, the bears are active near the 100-hour simple moving average. Ethereum is currently trading below $3,030 and the 100-hour simple moving average. Immediate resistance is near the $3,030 level. The first major resistance is near the $3,050 level.

The next major resistance lies at $3,085 or the 50% Fib retracement level of the downside move from the $3,355 swing high to the $2,813 low, above which the price may gain traction towards the $3,150 level.

Source: ETHUSD on TradingView.com

If the bulls continue to push the price above $3,150, there could be a decline towards the resistance level of $3,250. Further gains could lead Ether towards the $3,350 resistance zone.

Another decline in ETH?

If Ethereum fails to clear the $3,050 resistance, another decline could begin. Initial support for the downside is near the $2,940 level. The first major support is near the $2,880 area.

Key support is near the $2,820 level. A clear break below the $2,820 support could push the price towards $2,740. More losses could push the price towards the $2,650 level in the near term.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.

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

Key Support Level – $2,940

Key Resistance Level – $3,050

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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