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    Home News Ethereum News

    TA: Ethereum Facing Major Hurdles: Why 100 SMA Could Trigger Fresh Rally

    Cryptotelegraph by Cryptotelegraph
    January 13, 2021
    in Ethereum News
    Reading Time: 3min read
    1.5k 46
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    TA: Ethereum Facing Major Hurdles: Why 100 SMA Could Trigger Fresh Rally
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    Ethereum struggled to clear $1,150 and started a fresh decline against the US Dollar. ETH price is currently trading well below the 100 hourly SMA and $1,100.

    • Ethereum is showing a few bearish signs after getting rejected from the $1,150 resistance zone.
    • The price is now trading well below $1,100 and the 100 hourly simple moving average.
    • There is a key bearish trend line in place with resistance near $1,070 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair must settle above $1,120 and the 100 hourly SMA to start a fresh rally.

    Ethereum Price Could Decline Again

    Yesterday, we saw a decent recovery wave in bitcoin, ethereum, ripple and other altcoins. ETH price broke the $1,080 and $1,100 resistance levels. It even spiked above the $1,120 level.

    However, the bears defended a major resistance zone near $1,150 and the 100 hourly simple moving average. A high was formed near $1,152 before the price started a fresh decline. There was a break below the $1,120 and $1,100 support levels.


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    Ether price even declined below the 50% Fib retracement level of the recovery wave from the $910 swing low to $1,152 high. There is also a key bearish trend line in place with resistance near $1,070 on the hourly chart of ETH/USD.

    Ethereum PriceEthereum Price

    Source: ETHUSD on TradingView.com

    If there is no upside break above the trend line resistance and the 100 hourly simple moving average, there is a risk of more losses. An initial support is near the $1,000 level or the 61.8% Fib retracement level of the recovery wave from the $910 swing low to $1,152 high.

    The next major support is near the $950 level, below which ether price might continue to move down towards the $900 and $880 levels in the near term.

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    Fresh Increase in ETH?

    If ethereum breaks the trend line resistance and $1,100, it could start a decent increase. The main resistance is still near the $1,150 zone and the 100 hourly simple moving average.

    A close above the $1,150 level and the 100 hourly SMA could change the current bias. The next hurdle for the bulls above the $1,150 zone is near the $1,220 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is struggling to gain pace in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is still below the 50 level, with a bearish angle.

    Major Support Level – $1,000

    Major Resistance Level – $1,150

    Tags: ethereumethusdETHUSDT

    Read More From Original Source

    Tags: ethereumETHUSDethusdt
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