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Home»EXCHANGE NEWS»Ethereum price has an SMA of 100, but it needs to be cleared to take further profits.
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Ethereum price has an SMA of 100, but it needs to be cleared to take further profits.

By Crypto FlexsDecember 15, 20233 Mins Read
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Ethereum price has an SMA of 100, but it needs to be cleared to take further profits.
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Ethereum price is consolidating above $2,250. ETH could start a new rally if it clearly breaks above the $2,320 resistance zone.

  • Ethereum began a new rise above the $2,200 and $2,220 levels.
  • The price is trading above $2,240 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major ascending channel with support near $2,275.
  • A close above $2,320 and $2,350 could start a steady increase for the pair.

Ethereum price, more attention on the rise

Ethereum price began to rise steadily above the $2,180 resistance level. ETH gained bullish momentum after breaking the $2,200 resistance level.

The price soared above the $2,300 level and stabilized above the 100-hour simple moving average. A high was reached near $2,332 and the price continues to rise. A small bearish wave emerged below the $2,300 level. However, Ethereum is still above $2,240 and the 100-hour simple moving average.

There is also a major ascending channel on the hourly chart of ETH/USD with support near $2,275. Channel support and the 100-hourly SMA are close to the 23.6% Fib retracement level, rising from the $1,980 swing low to the $2,332 high.

Source: ETHUSD on TradingView.com

On the other hand, the price is finding resistance near $2,320. The next major resistance is near the $2,350 level. The main resistance level is still close to $2,400. A clear break above the $2,400 area could push the price towards the $2,500 level. The next resistance level is $2,520. Any more gains could start a wave towards the $2,580 level.

A new downtrend for ETH?

If Ethereum fails to clear the $2,320 resistance, a new downtrend could begin. Initial support on the downside is near the $2,275 level or the 100-hour simple moving average and channel trendline. The next major support is at $2,165.

Key support is now near $2,120, or the 61.8% Fib retracement level of the rise from the $1,980 swing low to the $2,332 high. A decline below $2,120 could begin another major decline. If specified, Ether could regain $2,000 support.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.

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

Key Support Level – $2,275

Key Resistance Level – $2,320

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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