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ETHEREUM PRICE TECHNICAL ANALYSIS – CAN ETH/USD HOLD 100 SMA?

The price remained in
the bullish zone and it recently traded as high as $478.05 before initiating a downside correction. It is
important to note that the price faced a major connecting resistance trend line at $478 that prevented
further gains. During the decline, the downside move found support near $440 and the 100 hourly
simple moving average.
There was once a close below $448-450 and the 100 hourly SMA. However, the price moved back in

the bullish zone above $448-450 and also settled above the 100 hourly SMA. It seems like there is a
key contracting triangle forming with resistance near $478-480 on the hourly chart of ETH/USD. The
pair is currently above the 38.2% Fib retracement level of the last drop from the $478.05 high to
$441.65 low.
However, the price is struggling to gain traction above $460-465. Moreover, the 50% Fib retracement
level of the last drop from the $478.05 high to $441.65 low is acting as a resistance. Overall, the trend
is positive as long as the price is above $440 and the 100 hourly SMA.
Hourly MACD – The MACD is about to move back in the bearish zone.
Hourly RSI – The RSI is currently well below the 50 level and is showing a few bearish signs.
Major Support Level – $440
Major Resistance Level – $478

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