TA: Ethereum (ETH) Fixes Down, Why 100 SMA Could Start Another Rally?

Ethereum extended gains and traded around $2,900 against the US Dollar. ETH price is correcting gains and likely to stay strong above 100 hours, SMA Ethereum failed to break past the $2,900 level and 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 USD 2,750 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a strong rally as long as there is no break below the 100 hourly SMA and $2,650. Ethereum Price Holds Support Yesterday, ethereum started another surge above the $2,650 resistance zone. ETH gained momentum 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 stay above $2,900. It peaked near $2,886 and the price recently started another 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 low to $2,996 high. There was a break below a short term bullish trend line with support near USD 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 low to $2,996 high. Source: ETHUSD at TradingView.com It also has $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 currently forming near the USD 2,900 level. A close above the USD 2,900 level will likely require a test of the USD 3,000 barrier in the near term. Are dips supported on ETH? If Ethereum fails to clear the USD 2,800 and USD 2,850 resistance levels, it could extend its decline. An initial support on the downside is near the USD 2,700 level. Main support is now taking shape

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