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    Home»News»TA: Ethereum Just Saw Key Technical Correction, But 100 SMA Is Still Strong
    TA: Ethereum Just Saw Key Technical Correction, But 100 SMA Is Still Strong
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    TA: Ethereum Just Saw Key Technical Correction, But 100 SMA Is Still Strong

    August 31, 2021No Comments3 Mins Read
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    Ethereum failed to clear the $3,350 resistance and corrected lower against the US Dollar. ETH price is still above the 100 hourly SMA and it could rise again to $3,350.

    • Ethereum seems to be facing a strong resistance near $3,350 and $3,380.
    • The price is now trading above $3,200 and the 100 hourly simple moving average.
    • There is a crucial bullish trend line forming with support near $3,180 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could start a fresh increase as long as it is above the $3,150 support zone.

    Ethereum Price Rally Fades

    Ethereum made another attempt to gain strength above $3,300 and $3,320. However, ETH price failed to continue higher above $3,350 and started a fresh decline, similar to bitcoin.

    The price broke the $3,300 and $3,250 support levels. Ether traded below the 50% Fib retracement level of the upward move from the $3,142 swing low to $3,348 high. The price even spiked below the $3,200 support and the 100 hourly simple moving average, but the bulls were active.

    The price found support near the 61.8% Fib retracement level of the upward move from the $3,142 swing low to $3,348 high. There is also a crucial bullish trend line forming with support near $3,180 on the hourly chart of ETH/USD.

    It is now trading above $3,200 and the 100 hourly simple moving average. An immediate resistance is near the $3,250 level. The first key resistance is near the $3,285 level, above which the price could accelerate higher.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    The main resistance is now forming near the $3,350 level. A clear break above the $3,350 resistance might open the doors for a steady increase. In the stated case, ether may possibly rise towards the $3,420 level.

    Downside Break in ETH?

    If ethereum fails to continue higher above the $3,250 and $3,285 resistance levels, it could extend its decline. An immediate support on the downside is near the $3,200 level.

    The next major support is now forming near the $3,150 zone. A downside break below the $3,150 support zone could spark a sharp decline. In the stated scenario, ether price could revisit the $3,065 support region.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is now losing pace in the bearish zone.

    Hourly RSI – The RSI for ETH/USD is now just below the 50 level.

    Major Support Level – $3,150

    Major Resistance Level – $3,285

    This article was originally published by Newsbtc.com. Read the original article here.
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