Ethereum

Ethereum (ETH) Corrects Lower, Why 100 SMA Could Trigger Fresh Rally

Ethereum extended its rise and traded close to $2,900 against the US Dollar. ETH price is correcting gains and it is likely to remain strong above the 100 hourly SMA

Ethereum failed to clear the $2,900 level and it corrected lower from $2,885.
The price is still holding the $2,700 support and the 100 hourly simple moving average.
There was a break below a short-term bullish trend line with support near $2,750 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a strong increase as long as there is no break below the 100 hourly SMA and $2,650.

Ethereum Price Is Holding Support
Yesterday, ethereum started a fresh increase above the $2,650 resistance zone. ETH gained pace above the $2,700 and $2,750 levels. There was also a break above the $2,800 level and the 100 hourly simple moving average.
However, the price failed to continue higher above $2,900. A high was formed near $2,886 and the price recently started a fresh decline. There was a break below the $2,800 support zone. Ether price even traded below the 23.6% Fib retracement level of the upward move from the $2,530 swing low to $2,996 high.
There was a break below a short-term bullish trend line with support near $2,750 on the hourly chart of ETH/USD. The pair is now testing the 50% Fib retracement level of the upward move from the $2,530 swing low to $2,996 high.

Source: ETHUSD on TradingView.com
It is also holding the $2,700 support and the 100 hourly simple moving average. An initial resistance on the upside is near the $2,780 and $2,800 levels. The first major resistance is near the $2,850 level.
The main breakout resistance is now forming near the $2,900 level. A close above the $2,900 level will most likely call for a test of the $3,000 barrier in the near term.
Dips Supported in ETH?
If Ethereum fails to clear the $2,800 and $2,850 resistance levels, it could extend its decline. An initial support on the downside is near the $2,700 level.
The main support is now forming near the $2,680 level and the 100 hourly SMA. A downside break below $2,680 and $2,650 could open the doors for a larger decline. In the stated case, ether price might revisit USD 2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $2,650
Major Resistance Level – $2,850

bitcoin
Bitcoin (BTC) $ 37,960.17
ethereum
Ethereum (ETH) $ 2,091.34
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 228.93
xrp
XRP (XRP) $ 0.610693
solana
Solana (SOL) $ 60.80
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,088.29
cardano
Cardano (ADA) $ 0.380100
dogecoin
Dogecoin (DOGE) $ 0.083882
tron
TRON (TRX) $ 0.103748
the-open-network
Toncoin (TON) $ 2.42
chainlink
Chainlink (LINK) $ 14.55
avalanche-2
Avalanche (AVAX) $ 22.04
matic-network
Polygon (MATIC) $ 0.772709
polkadot
Polkadot (DOT) $ 5.49
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 37,967.17
dai
Dai (DAI) $ 0.999425
litecoin
Litecoin (LTC) $ 70.10
shiba-inu
Shiba Inu (SHIB) $ 0.000008
uniswap
Uniswap (UNI) $ 6.06
bitcoin-cash
Bitcoin Cash (BCH) $ 222.76
leo-token
LEO Token (LEO) $ 3.99
okb
OKB (OKB) $ 56.75
stellar
Stellar (XLM) $ 0.119137
monero
Monero (XMR) $ 170.03
true-usd
TrueUSD (TUSD) $ 0.999396
kaspa
Kaspa (KAS) $ 0.131806
cosmos
Cosmos Hub (ATOM) $ 9.35
ethereum-classic
Ethereum Classic (ETC) $ 18.85
crypto-com-chain
Cronos (CRO) $ 0.090253
lido-dao
Lido DAO (LDO) $ 2.42
filecoin
Filecoin (FIL) $ 4.43
internet-computer
Internet Computer (ICP) $ 4.65
hedera-hashgraph
Hedera (HBAR) $ 0.060638
aptos
Aptos (APT) $ 7.04
thorchain
THORChain (RUNE) $ 6.47
near
NEAR Protocol (NEAR) $ 1.88
mantle
Mantle (MNT) $ 0.543334
immutable-x
Immutable (IMX) $ 1.31
binance-usd
BUSD (BUSD) $ 1.00
bittensor
Bittensor (TAO) $ 285.02
vechain
VeChain (VET) $ 0.021743
injective-protocol
Injective (INJ) $ 18.17
optimism
Optimism (OP) $ 1.70
quant-network
Quant (QNT) $ 101.59
aave
Aave (AAVE) $ 100.26
maker
Maker (MKR) $ 1,544.81
the-graph
The Graph (GRT) $ 0.147320
render-token
Render (RNDR) $ 3.52