TA: Ethereum Corrects $200: Why ETH Remains Attractive Near 100 SMA

TA: Ethereum Corrects $200: Why ETH Remains Attractive Near 100 SMA


Ethereum traded to a new yearly high at $1,280 before correcting lower against the US Dollar. ETH price declined over $200, but the bulls were active near the 100 hourly simple moving average.

Ethereum gained pace above $1,200 and it traded to a new multi-month high near $1,280. The price is correcting gains, but it is well bid above $1,100 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $1,225 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to continue higher as long as it is above the $1,100 level and the 100 hourly SMA. Ethereum Price Corrects Sharply

There was a strong upward move yesterday in bitcoin and Ethereum above $28,500 and $1,200 respectively. ETH price even spiked above the $1,250 level and traded to a new multi-month high near $1,280.

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Recently, there was a sharp downside correction below

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