Ethereum Price Signals Recovery But 100 SMA Is The Key

May 10, 2023 04:00 am Cryptocurrency 86

Ethereum price is slowly moving higher from $1,840 against the US Dollar. ETH is still facing strong resistance near the $1,875 level and the 100 hourly SMA.

Ethereum is currently consolidating losses above the $1,820 support zone.

The price is trading below $1,875 and the 100-hourly Simple Moving Average.

There was a break above a major bearish trend line with resistance near $1,850 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could struggle to clear the $1,875 and $1,880 resistance levels.

Ethereum Price Starts Consolidation

Ethereum’s price remained in a bearish zone the $1,875 support zone. ETH tested the $1,810 zone and recently started a consolidation phase, similar to Bitcoin.

A low is formed near $1,812 and the price is slowly moving higher in a range. It traded above the 23.6% Fib retracement level of the swing move from the $1,935 high to the $1,812 low. Besides, there was a break above a ..

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