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Ethereum Facing Significant Resistance Near 100 SMA, Can Bulls Make It?

Ethereum seems to be struggling near the key $120 resistance area against the US Dollar. ETH price must climb above the 100 hourly SMA to start a strong increase in the near term. Ethereum is trading in a negative zone below the $120 resistance area against the US Dollar. The bulls are active and they made a couple of attempts to surpass $120. There was a break above a connecting bearish trend line with resistance near $116 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin price is trading with a strong buying interest above the $5,000 support area. Ethereum Price is Facing Hurdles After a decent upward move, Ethereum climbed above the $115 resistance against the US Dollar. ETH price even broke the $120 resistance, but it remained below the 100 hourly simple moving average. It seems like the bulls made a couple of attempts to gain strength above $120 and the 100 hourly simple moving average, but they failed. Besides, there was a break above a connecting bearish trend line with resistance near $116 on the hourly chart of ETH/USD. Ethereum Price The last swing high was near the $121 level and the price is currently trading lower. Ethereum is testing the 23.6% Fib retracement level of the upward move from the $100 low to $121 high. On the upside, there is a strong resistance forming near the 100 hourly SMA and $120. If the bulls are successful in gaining strength above the $120 level, the price could start a strong increase. The next resistance is near the $125 level, above which the bulls are likely to aim $130. Any further gains is likely to improve the market sentiment and the price may perhaps rise towards the $150 level. Another Rejection? On the downside, an initial support for Ethereum is near the $112 level. It is close to the 50% Fib retracement level of the upward move from the $100 low to $121 high. The next support is near the $110 level, below which the price is likely to accelerate lower towards the $105 level. Any further losses are likely to lead the price back towards the $100 support zone in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly moving back into the bearish zone. Hourly RSI – The RSI for ETH/USD is currently sliding and it is close to the 50 level. Major Support Level – $112 Major Resistance Level – $120

from NewsBTC https://ift.tt/33Bci8A

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