{"id":126424,"date":"2021-05-27T06:16:10","date_gmt":"2021-05-27T06:16:10","guid":{"rendered":"https:\/\/precoinnews.com\/?p=126424"},"modified":"2021-05-27T06:16:10","modified_gmt":"2021-05-27T06:16:10","slug":"ta-ethereum-corrects-gains-heres-why-100-sma-is-the-key-for-fresh-increase","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-ethereum-corrects-gains-heres-why-100-sma-is-the-key-for-fresh-increase\/","title":{"rendered":"TA: Ethereum Corrects Gains, Here\u2019s Why 100 SMA Is The Key for Fresh Increase"},"content":{"rendered":"<p><em>Ethereum failed to continue above $2,900 against the US Dollar. ETH price corrected gains and it is now trading near a major support at $2,640 and the 100 hourly SMA.<\/em><\/p>\n<ul>\n<li>Ethereum broke the $2,850 resistance, but it failed to gain pace above $2,900.<\/li>\n<li>The price is now testing the $2,650 support and the 100 hourly simple moving average.<\/li>\n<li>There was a break below a key bullish trend line with support at $2,750 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair must stay above the 100 hourly SMA to avoid a drop towards the $2,380 support.<\/li>\n<\/ul>\n<h2>Ethereum Price Reaches Key Support<\/h2>\n<p>Ethereum extended its recovery wave above the $2,800 and $2,850 resistance levels. ETH even pushed above the $2,900 level and settled nicely above the 100 hourly simple moving average.<\/p>\n<p>However, it failed to gain pace above $2,900. The bulls made two attempts to push the price above the $2,920 level, but they failed. The recent high was formed near $2,912 before the price started a downside correction.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/05\/trade-all-CTA.gif\" \/><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/03\/AD2_728x90.gif\" \/><\/p>\n<p>Ether corrected lower below the $2,850 and $2,800 support levels. There was a break below a key bullish trend line with support at $2,750 on the hourly chart of ETH\/USD. The pair even declined below the 23.6% Fib retracement level of the upward move from the $2,370 swing low to $2,912 high.<\/p>\n<p>Ether price is now testing the $2,650 support and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $2,370 swing low to $2,912 high.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/05\/Ethereum-14.png\"><\/p>\n<p>Source: ETHUSD on TradingView.com<\/p>\n<p>On the upside, an immediate resistance is near the broken trend line at $2,800. The next major resistance is near the $2,900 level, above which the price could attempt a move towards the $3,000 resistance zone.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If Ethereum fails to continue higher above the $2,800 and $2,900 resistance levels, it could extend its decline. An initial support on the downside is near the $2,650 zone and the 100 hourly SMA.<\/p>\n<p>A downside break below the 100 hourly SMA might spark a larger decline. The next key support is near the $2,380 level. Any more losses could lead the price towards the $2,185 support zone.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> &ndash; <\/strong>The MACD for ETH\/USD is slowly losing pace in the bullish zone.<\/p>\n<p>Hourly RSI<strong> &ndash; <\/strong>The RSI for ETH\/USD is currently below the 50 level.<\/p>\n<p>Major Support Level &ndash; $2,650<\/p>\n<p>Major Resistance Level &ndash; $2,800<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-100-sma-ikey-fresh-increase\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum failed to continue above $2,900 against<\/p>\n","protected":false},"author":3,"featured_media":126423,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TA: Ethereum Corrects Gains, Here\u2019s Why 100 SMA Is The Key for Fresh Increase - 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