TA: Ethereum Recovery Hits Roadblock, Why Close Above 100 SMA Is Important

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TA: Ethereum Recovery Hits Roadblock, Why Close Above 100 SMA Is Important

NewsBTC5 days ago
Published on June 10, 2021 05:58 GMT+0edited on June 10, 2021 06:04 GMT+0

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Ethereum started a steady increase and cleared the $2,550 resistance against the US Dollar. ETH price is now struggling to climb higher above $2,650 and the 100 hourly SMA.

  • Ethereum gained pace for a move above the $2,500 and $2,550 resistance levels.
  • The price is struggling to settle above $2,600 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must settle above $2,600 and the 100 hourly SMA to continue higher in the near term.

Ethereum Price is Facing Hurdles

Ethereum settled above the $2,450 level and extended its upward move. ETH broke the $2,500 and $2,550 resistance levels to move into a positive zone.

There was a break above the 50% Fib retracement level of …