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Ethereum Struggles Below $2.5K, Why 100 SMA Is The Key

Ethereum is consolidating below $2,500 against the US Dollar. ETH price could continue to move down if there is no break above $2,500 and $2,550.

Ethereum managed to stay above the $2,320 and $2,300 support levels.
The price is still trading below $2,500 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $2,450 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent increase if there is a clear move above $2,450 and $2,500.

Ethereum Price Holds Support
Ethereum declined below the $2,550 support after there was no upside break above $2,700. ETH even declined below the $2,400 level and the 100 hourly simple moving average.
However, the bulls were active near the $2,300 zone. A low is formed near $2,316 and the price is now correcting higher. There was a move above the $2,400 level. Ether price even climbed above the 23.6% Fib retracement level of the downward move from the $2,729 swing high to $2,316 low.
It is still trading below $2,500 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $2,450 level.
Besides, there is a major bearish trend line forming with resistance near $2,450 on the hourly chart of ETH/USD. The first major resistance is near the $2,500 level. A clear move above the $2,500 resistance might start a steady increase. In the stated case, the pair could even surpass the $2,550 level.

Source: ETHUSD on TradingView.com
The next key hurdle could be $2,630. It is near the 76.4% Fib retracement level of the downward move from the $2,729 swing high to $2,316 low.
More Losses in ETH?
If ethereum fails to start a fresh increase above the $2,500 level, it could start a fresh decline. An initial support on the downside is near the $2,350 level.
The first key support is now forming near the $2,315 level. If there is a downside break below the $2,315 and $2,300 levels, the price could accelerate lower. The next major support for the bulls may perhaps be near the $2,220 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now just above the 50 level.
Major Support Level – $2,315
Major Resistance Level – $2,500

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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