Ethereum Remains Attractive At The 100 SMA After Correcting $200

Ethereum remains attractive at the 100 SMA after it traded to a new yearly high of $1280 before correcting by $200 against the US dollar. The bulls are active at the 100 hourly simple moving average as we can see in today’s ETH price news.

Ethereum gained pace above the $1200 level and traded to a new high of $1280. The price is now correcting the gains but it is well above the $1100 and the 100 hourly simple moving average and a break below the major bullish trend line with the support near the $1225 on the hourly chart of the pair. ETH/USD could continue higher as long as it remains above the $1100 level and the 100 hourly SMA which is where Ethereum remains attractive.

There was a strong upwards movement in BTC and ETH as well yesterday with the prices spiking to new multi-month highs. However, there was a sharp downside correction below the $1200 level and the ETH price declined over $200 with it spiking below the $1100 level and a break below the major bullish trend line and support at $1225 on the hourly charts of the pair.

The bulls remained active close to the 100 hourly simple moving average and the new low was later formed close to the $1065 level with the price rising still. ETH managed to break the $1100 level and is now trading nicely above the 100 hourly SMA. ETH climbed above the 23.6% fib retracement level of the correction from the $1279 high to the $1065 low. the pair is facing hurdles at the $1175 level which is a key breakdown level.

The 50% fib retracement level of the downside correction to the $1065 low is now posing as strong resistance for the bulls. If there’s a clear break above the $1180 level and a follow-up price surge above $1200, the price could hit a new high of $1300. If ETH fails to clear the $1180 and the $1200 resistance levels, there’s a chance of another downside correction with the initial support on the downside nearing the $1135 levels. The main support is now forming near the $1100 level and the 100 hourly SMA but if there’s a closing down below the 100 SMA, the price will drop below $1000. The hourly MACD for the pair is gaining pace in the bullish zone while the hourly RSI is recovering towards the 45 level.