TA: Ethereum Just Saw Key Technical Correction, But 100 SMA Is Still Strong

Sep 1, 2022 08:00 am Cryptocurrency 140

Ethereum failed to stay above the $1,600 resistance against the US Dollar. ETH is correcting lower and must stay above $1,540 to continue higher.

Ethereum failed to clear the $1,620 and $1,625 resistance levels.

The price is now trading near $1,550 and the 100 hourly simple moving average.

There is a major rising channel forming with support near $1,540 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start another increase if it stays above the $1,540 and $1,500 support levels.

Ethereum Price Remains Supported

Ethereum attempted an upside break above the $1,620 level, but struggled. The bears were active near the $1,620 zone and the price started a downside correction.

A high was formed near $1,619 before the price corrected lower. There was a drop below the $1,560 level and the 100 hourly simple moving average. However, the bulls were active near the $1,530 and $1,525 levels. A low was formed near $1,530 and the price is now consolidating.
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