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Home»EXCHANGE NEWS»Ethereum price has regained the 100 SMA, but bulls still lack the strength to overcome the hurdle.
EXCHANGE NEWS

Ethereum price has regained the 100 SMA, but bulls still lack the strength to overcome the hurdle.

By Crypto FlexsMay 6, 20243 Mins Read
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Ethereum price has regained the 100 SMA, but bulls still lack the strength to overcome the hurdle.
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Ethereum price has begun a recovery above the $3,000 area. ETH has now surpassed the 100-hour simple moving average and faces a hurdle.

  • Ethereum found support at $2,820 and began a recovery.
  • The price is trading above $3,100 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline with support at $3,110.
  • A break above the $3,165 resistance area could provide bullish momentum.

Ethereum price is holding steady

Ethereum price remained stable and, like Bitcoin, began a recovery above the $3,000 level. ETH was able to clear the $3,050 and $3,120 resistance levels.

However, the bears remained active near the $3,165 resistance zone. A high was formed at $3,168 and the price began a downward correction. There was slight movement below the $3,150 level. The price is currently stable above the 23.6% Fib retracement level, rising from the $2,813 swing low to the $3,168 high.

Ethereum also rose above $3,100 and the 100-hour simple moving average. Moreover, there is a major bullish trendline on the hourly chart of ETH/USD with support at $3,110.

Source: ETHUSD on TradingView.com

Immediate resistance is near the $3,165 level. The first major resistance is near the $3,200 level. The next major resistance level is $3,250, above which the price may gain traction and advance towards the $3,350 level. If the bulls continue to push the price above $3,350, a decline could occur towards the $3,500 resistance. Further gains could lead Ether towards the $3,620 resistance zone.

Another decline in ETH?

If Ethereum fails to clear the $3,165 resistance, another decline could begin. Initial support for the downside is near the $3,100 level and trend line. The first major support is near the $3,000 area or the 50% Fib retracement level of the rise from the $2,813 swing low to the $3,168 high.

Key support is near the $2,940 level. A clear break below the $2,940 support could push the price towards $2,820. 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 the bullish zone.

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

Key Support Level – $3,000

Key Resistance Level – $3,165

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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