Ethereum Closes Above 100 SMA, Here’s What It Means for ETH

Ethereum extended its upward move above the $2,550 resistance zone against the US Dollar. ETH price settled above the 100 hourly SMA and it might continue to rise.

Ethereum extended its recovery wave above the $2,550 and $2,600 levels.
The price is now trading above the $2,500 support and the 100 hourly simple moving average.
There was a break above a crucial bearish trend line with resistance near $2,250 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is now showing positive signs above $2,500, but it is also facing hurdles near $2,760.

Ethereum Price Gains Traction
Ethereum remained supported above the $2,200 level and it started a steady recovery wave. There was a break above a couple of important hurdles near the $2,250 level.
There was also a break above a crucial bearish trend line with resistance near $2,250 on the hourly chart of ETH/USD. It opened the doors for a strong move above the $2,500 level and the 100 hourly simple moving average.
Ether even cleared the $2,600 and $2,700 levels. It traded as high as $2,7608 before starting a downside correction. The price corrected lower below the $2,700 level.

Source: ETHUSD on TradingView.com
An immediate support is near the $2,525 level. It is near the 23.6% Fib retracement level of the upward move from the $1,740 swing low to $2,768 high. The first major support is near the $2,480 level and the 100 hourly simple moving average.
On the upside, the first major resistance is near the $2,750 level. A clear break above the recent high could lead the price towards the $2,930 resistance. The next key resistance is near $3,000. Any more gains might call for a test of the $3,200 level.
Fresh Decline in ETH?
If Ethereum fails to continue higher above the $2,700 and $2,760 resistance levels, it could start another decline. An initial support on the downside is near the $2,500 zone.
The first key support is near the $2,480 level and the 100 hourly SMA. The main support is now forming near the $2,255 level. It is near the 50% Fib retracement level of the upward move from the $1,740 swing low to $2,768 high.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is moving lower towards the 50 level.
Major Support Level – $2,480
Major Resistance Level – $2,760

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Sharing is Caring: Introducing the HEXN.IO Referral Program

HEXN.IO, a leading name in the world of crypto lending, is thrilled to introduce the HEXN Referral Program, marking a significant step towards enhancing...

YOMP Token: The Crypto Religion is Here!

The Nexus of Faith and Finance Beyond Digital Currency: An Ethos Unveiled YOMP is not merely a token; it is an invitation to be part of...

CoinPocketBot – All-in-one Pocket on Blockchain. Your comprehensive solution for managing and tracking various digital assets securely and conveniently

In the ever-evolving world of cryptocurrencies and digital assets, managing and tracking various tokens across multiple chains can be a challenging task. With the...

BITMARS Announced as Elite Sponsor for Mining Disrupt 2023: Redefining Mining to Power Wealth Generation

Miami, Florida, July 20, 2023 — Mining Disrupt 2023, the world's premier convention for blockchain and cryptocurrency mining, is delighted to announce Bitmars as...

Top Miner Solidifies Its Position as Elite Sponsor at Mining Disrupt 2023

Miami, Florida, July 20, 2023 — Top Miner, a leader in blockchain hardware and services with headquarters in Shenzhen, China, has announced its elite...

Hiveon Brings Ultimate Mining Experience to Mining Disrupt 2023 as an Elite Sponsor

Miami, FL, July 20, 2023 – Hiveon, the all-encompassing cryptocurrency mining ecosystem, has announced its elite sponsorship at Mining Disrupt 2023, the world's premier...

Auradine Pioneers Next-Gen Web Infrastructure as Elite Sponsor for Mining Disrupt 2023

Miami, FL, July 01, 2026  — Auradine, a leading innovator in the development of disruptive infrastructure solutions, has announced that it will be an...

JSBIT Sponsors Mining Disrupt 2023, Pledges to Strengthen the Future of Blockchain and Cryptocurrency Mining

Miami, June 27, 2023 — JSBIT, an eminent provider of high-performance crypto mining hardware and services, has been announced as a whale sponsor for...