Ethereum Facing A Test at the 100 SMA
Skerdian Meta • 1 min read
Earlier today we posted an update on Bitcoin and how it overcame the 100 SMA on the H5 chart, which was stopping the buyers make further gains yesterday. Ethereum was at a similar position but instead of the 100 SMA (green), here we have the 200 SMA (purple) acting as resistance.
This moving average rejected the price yesterday, but the 20 SMA (gray) which was providing resistance during the decline, turned into support and ETHEREUM bounced off that moving average. But, the 200 SMA is still acting as resistance today.
The price has retreated back below that moving average, which is being aided by the 100 SMA as well today. The current candlestick looks quite bearish, which suggests another retreat lower, probably to the 20 SMA before the next assault to the top side. So we are following the price action, since we have an open buy signal in Ethereum.