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Home»EXCHANGE NEWS»Ethereum price hits a high of 100 SMA, why ETH may struggle in the short term
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Ethereum price hits a high of 100 SMA, why ETH may struggle in the short term

By Crypto FlexsJanuary 5, 20243 Mins Read
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Ethereum price hits a high of 100 SMA, why ETH may struggle in the short term
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Ethereum price failed to recover above the $2,300 resistance level. ETH is showing some bearish signs and may revisit the $2,080 support.

  • Ethereum is struggling to break through the $2,280 and $2,300 resistance levels.
  • The price is trading below $2,300 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance near $2,280.
  • A stay below the $2,300 resistance could start a new downtrend.

Ethereum price rejected

Ethereum price, like Bitcoin, began a recovery above the $2,120 level. ETH was able to clear the $2,200 and $2,220 resistance levels. However, the bears were actively trading near $2,300 and the 100-hourly simple moving average.

Price failed to clear the 76.4% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low. It is currently struggling to break the resistance levels of $2,280 and $2,300. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,280.

Ethereum is currently below $2,300 and the 100-hourly simple moving average, but still above the 23.6% Fib retracement level rising from the $1,860 swing low to the $2,289 high.

On the other hand, the price is finding resistance near the $2,280 level and the trend line. The first major resistance is currently near $2,300. A break above the $2,300 resistance could initiate a significant uptrend. The next major resistance is near $2,400.

Source: ETHUSD on TradingView.com

A clear move above $2,400 could lead to a decline towards $2,500. The next resistance level is $2,500, above which Ethereum could test the $2,620 area.

A new downtrend for ETH?

If Ethereum fails to clear the $2,300 resistance, it could begin a new downtrend. Initial support for the downside is near the $2,185 level.

The first major support could be the $2,075 zone or the 50% Fib retracement level of the rise from the $1,860 swing low to the $2,289 high. A break below and a close below $2,075 could begin another steady decline. If stated, Ether may test $2,000 support. Any more losses could push the price down to the $1,860 level.

technical indicators

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

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

Key Support Level – $2,185

Key Resistance Level – $2,300

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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