Ethereum Price Testing 100 Hourly SMA
Ethereum price declined again below the $200 support zone. ETH price even spiked below the $198 support and settled below the 100 hourly simple moving average.
However, the decline was limited and the price found support near $196. It is currently rising and trading above the $200 pivot level. There was a break above the 23.6% Fib retracement level of the key decline from the $211 high to $196 low.
More importantly, there was a break above a key bearish trend line with resistance near $202 on the hourly chart of ETH/USD. Ether is now trading near a major hurdle at $204 and the 100 hourly simple moving average.
The 50% Fib retracement level of the key decline from the $211 high to $196 low is also acting as a resistance. If Ethereum gains pace above the 100 hourly SMA and clears the $205 resistance, there are chances of a sustained upward move in the coming sessions.
The next major resistance is near the $210 level (an inflection zone). A clear break above the $210 resistance could open the doors for a sharp rise in the coming sessions in the near term. Read More