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  • Writer's pictureSarah Dixon

Ethereum price rebounds, 100 SMA crucial for growth.


Ethereum price rebounds, 100 SMA crucial for growth.
Ethereum price rebounds, 100 SMA crucial for growth.

Ethereum price recovered from the $1,985 zone. ETH is showing positive signs and might rise further if it clears the $2,075 resistance. Ethereum price rebounds, 100 SMA crucial for growth.

  • Ethereum is recovering higher from the $1,985 zone.

  • The price is trading above $2,040 and the 100-hourly Simple Moving Average.

  • There was a break above a key bearish trend line with resistance near $2,040 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could gain bullish momentum if it stays above the 100-hourly Simple Moving Average.

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Ethereum Price Eyes Fresh Increase

Ethereum's price experienced a surge, briefly dipping to $1,986 before witnessing a recovery wave similar to Bitcoin. The price successfully surpassed the $2,020 level and exceeded the 23.6% Fibonacci retracement level from the previous downward movement between the $2,132 swing high and the $1,986 low. Additionally, a key bearish trend line resistance near $2,040 was broken on the hourly chart of ETH/USD.


Currently, Ethereum is trading above $2,040 and the 100-hourly Simple Moving Average. However, it faces resistance around the $2,075 zone. This resistance level is in close proximity to the 61.8% Fibonacci retracement level of the previous downward movement from the $2,132 swing high to the $1,986 low.


The first significant resistance level lies near $2,100, followed by $2,130. A clear breakthrough above the $2,130 level could potentially push the price towards the $2,150 resistance zone.



Source: ETHUSD on TradingView.com
Source: ETHUSD on TradingView.com

The next resistance is near $2,220, above which the price could aim for a move toward the $2,265 level. Any more gains could start a wave toward the $2,320 level.


Another Decline in ETH?

If Ethereum fails to clear the $2,075 resistance, it could start a fresh decline. Initial support on the downside is near the $2,045 level and the 100-hourly Simple Moving Average, below which the bears might gain strength.


The next key support is $2,000. A downside break below $2,000 might spark a strong bearish move. The key support is now at $1,930, below which there is a risk of a move toward the $1,880 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,045

Major Resistance Level – $2,075


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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