TA: Ethereum Struggles Above $1,600, Why 100 SMA Is The Key

Ethereum traded to a new monthly high at $1,655 before correcting lower against the US Dollar. ETH price is struggling to stay above $1,600, but it is likely to remain stable as long as above the 100 hourly SMA.

Ethereum extended its rise above the $1,600 and $1,625 resistance levels. The price is now correcting below $1,600 and approaching the 100 hourly simple moving average. There is a major bullish trend line forming with support near $1,550 on the hourly chart of ETH/USD (data feed via Kraken). The pair could either decline heavily below $1,550 or it might start a fresh increase above $1,620. Ethereum Price Remains Supported

Ethereum extended its recovery wave above the key $1,600 resistance level. ETH even broke the $1,625 resistance level and settled well above the 100 hourly simple moving average.

It traded to a new monthly high near $1,655 before starting a downside correction. There was a break below the 23.6% Fib retracement level of the upward move from the $1,455 swing low to $1,655 high. Ether is now correcting below $1,600 and approaching the 100 hourly simple moving average.

An immediate support is near the $1,555 level. It is close to the 50% Fib retracement level of the upward move from the $1,455 swing low to $1,655 high. There is also a major bullish trend line forming with support near $1,550 on the hourly chart of ETH/USD.

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