Ethereum is struggling to clear the $230 resistance level against the US Dollar. ETH price is showing positive signs and it seems like a close above the 100 SMA (H4) could trigger a fresh rally. After a strong rejection near $250, Ethereum started a major decline below the $238 support against the US Dollar. ETH price traded below the $230 support level and settled well below the 100 simple moving average (4-hours). The decline was such that the price even spiked below $220. A low was formed near $216 before the price started an upside correction. There was a break above the $220 level, plus the 23.6% Fib retracement level of the downward move from the $250 swing high to $215 low. The upward move was capped by the $232 resistance. It represents the 50% Fib retracement level of the downward move from the $250 swing high to $215 low. The price is currently trading above the $225 support, but it is struggling to gain momentum above the 100 simple moving average (4-hours). Recently, there was a break above an important bearish trend line with resistance near $225 on the 4-hours chart of ETH/USD. This is a positive sign, but the bulls still need to push the price above the 100 SMA and $230. If there is a successful close above $230 and $232, the price could start a strong increase in the coming sessions. The next target for the bulls could be $250. If Ethereum fails to continue higher above the $230 and $232 resistance levels, there are chances of a fresh decline. An initial support is near the $222 level. A daily close below the $222 support zone could start a steady decrease. The next support is near $215, below which the bears might aim a test of $200. Technical Indicators4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.4 hours RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level. Major Support Level – $222Major Resistance Level – $232Take advantage of the trading opportunities with Plus500Risk disclaimer: 76.4% of retail CFD accounts lose money.
All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/07/05/ethereum-100-sma-could-spark-rally/
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