This week so far cryptocurrencies have trended down. Bitcoin started the week on Monday morning at $11,400 and approached the $12,000 level, but the 200 SMA on the H4 chart capped that move and reversed the price down.

Now Bitcoin is trading just above the big level at $10,000. We’re approaching it so it will be interesting to see how Bitcoin reacts around it.

But at the moment I am more interested in Ethereum. Ethereum has lost about 30% in the last two days and it is approaching the big level. The big level for Ethereum is $150.

The 100 SMA is a good place to buy

Ethereum did dive to $145 right before Christmas and to $135 by the middle of this month. But, the major support area is around $150. The low last week was $160 which acted as support all week, but we have pushed below it and the sellers are eyeing the $150 level.

The 100 SMA (green) stand right there, as you can see. This moving average provided support earlier this month when the sellers took the price down to $135, so why not provide support again?

Bitcoin just broke below the $10,000m level so Ethereum should follow. The technical indicators are not oversold yet because we have been trading in a range in the last two weeks, which dismisses them. Well, I’m getting ready to buy at the 100 SMA (green).