Ethereum Facing A Test at the 100 SMA - Forex News by FX Leaders
Ethereum finding it hard to break above the MAs

Ethereum Facing A Test at the 100 SMA

Posted Wednesday, March 3, 2021 by
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.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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