Ethereum Price Approaches 100-Day SMA Amidst Bullish Speculation
Ethereum (ETH) Approaches Key Technical Indicator
- ETH is nearing the 100-day Simple Moving Average (SMA), a significant resistance level.
- A break above this indicator could boost bullish sentiment and higher price targets.
- A rejection may lead to further consolidation or drops to lower support levels.
Current Price Struggles
- ETH's upward movement has been capped by resistance levels despite recovering attempts.
- Key support zones are holding, but lack of volume limits upward momentum.
- The MACD indicates potential momentum shift but lacks confirmation for a bullish crossover.
Impact of a Successful Breakout
- A breakout above the 100-day SMA would signal renewed bullish momentum.
- This could lead ETH toward the $2,160 resistance level, with potential targets of $2,858 and $3,360.
- If a breakout fails, ETH may decline towards the $1,523 support zone, a key demand area.
