TA: Ethereum Recovers 6%, Why 100 SMA Is The Key For Upsides

TA: Ethereum Recovers 6%, Why 100 SMA Is The Key For Upsides


Ethereum extended its decline and tested the $1,000 support against the US Dollar. ETH is recovering, but it must clear $1,280 to start a steady upward move.

Ethereum dropped towards the $1,000 level before the bulls appeared. The price is now trading below $1,280 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $1,205 on the hourly chart of ETH/USD (data feed via Kraken). The pair could resume its decline unless it clears $1,280 and $1,300 in the near term. Ethereum Price Faces Key Resistance

Ethereum started a fresh decline below the $1,100 level. The price traded to a new multi-month low and almost tested the $1,000 support zone.

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A low was

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