Ethereum Corrects Gains, Here’s Why 100 SMA Is The Key for Fresh Increase

Ethereum failed to continue above $2,900 against the US Dollar. ETH price corrected gains and it is now trading near a major support at $2,640 and the 100 hourly SMA.

Ethereum broke the $2,850 resistance, but it failed to gain pace above $2,900.
The price is now testing the $2,650 support and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support at $2,750 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the 100 hourly SMA to avoid a drop towards the $2,380 support.

Ethereum Price Reaches Key Support
Ethereum extended its recovery wave above the $2,800 and $2,850 resistance levels. ETH even pushed above the $2,900 level and settled nicely above the 100 hourly simple moving average.
However, it failed to gain pace above $2,900. The bulls made two attempts to push the price above the $2,920 level, but they failed. The recent high was formed near $2,912 before the price started a downside correction.
Ether corrected lower below the $2,850 and $2,800 support levels. There was a break below a key bullish trend line with support at $2,750 on the hourly chart of ETH/USD. The pair even declined below the 23.6% Fib retracement level of the upward move from the $2,370 swing low to $2,912 high.
Ether price is now testing the $2,650 support and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $2,370 swing low to $2,912 high.

Source: ETHUSD on TradingView.com
On the upside, an immediate resistance is near the broken trend line at $2,800. The next major resistance is near the $2,900 level, above which the price could attempt a move towards the $3,000 resistance zone.
More Losses in ETH?
If Ethereum fails to continue higher above the $2,800 and $2,900 resistance levels, it could extend its decline. An initial support on the downside is near the $2,650 zone and the 100 hourly SMA.
A downside break below the 100 hourly SMA might spark a larger decline. The next key support is near the $2,380 level. Any more losses could lead the price towards the $2,185 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $2,650
Major Resistance Level – $2,800

bitcoin
Bitcoin (BTC) $ 83,113.27
ethereum
Ethereum (ETH) $ 1,903.61
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.29
bnb
BNB (BNB) $ 635.23
solana
Solana (SOL) $ 124.97
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.708137
dogecoin
Dogecoin (DOGE) $ 0.167901
tron
TRON (TRX) $ 0.222687
staked-ether
Lido Staked Ether (STETH) $ 1,902.25
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 82,988.23
leo-token
LEO Token (LEO) $ 9.79
chainlink
Chainlink (LINK) $ 14.12
the-open-network
Toncoin (TON) $ 3.50
usds
USDS (USDS) $ 1.00
stellar
Stellar (XLM) $ 0.270274
wrapped-steth
Wrapped stETH (WSTETH) $ 2,278.36
pi-network
Pi Network (PI) $ 1.18
hedera-hashgraph
Hedera (HBAR) $ 0.187434
avalanche-2
Avalanche (AVAX) $ 18.92
shiba-inu
Shiba Inu (SHIB) $ 0.000013
sui
Sui (SUI) $ 2.28
mantra-dao
MANTRA (OM) $ 7.02
litecoin
Litecoin (LTC) $ 89.50
bitcoin-cash
Bitcoin Cash (BCH) $ 334.91
polkadot
Polkadot (DOT) $ 4.31
ethena-usde
Ethena USDe (USDE) $ 1.00
bitget-token
Bitget Token (BGB) $ 4.50
weth
WETH (WETH) $ 1,903.71
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
hyperliquid
Hyperliquid (HYPE) $ 13.25
whitebit
WhiteBIT Coin (WBT) $ 28.26
wrapped-eeth
Wrapped eETH (WEETH) $ 2,022.84
monero
Monero (XMR) $ 211.33
uniswap
Uniswap (UNI) $ 6.26
susds
sUSDS (SUSDS) $ 1.04
aptos
Aptos (APT) $ 5.34
dai
Dai (DAI) $ 0.999881
okb
OKB (OKB) $ 52.04
near
NEAR Protocol (NEAR) $ 2.57
pepe
Pepe (PEPE) $ 0.000007
internet-computer
Internet Computer (ICP) $ 5.81
mantle
Mantle (MNT) $ 0.825976
gatechain-token
Gate (GT) $ 22.02
ethereum-classic
Ethereum Classic (ETC) $ 17.57
ondo-finance
Ondo (ONDO) $ 0.837344
tokenize-xchange
Tokenize Xchange (TKX) $ 32.88
aave
Aave (AAVE) $ 172.63
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 83,118.27
bitcoin
Bitcoin (BTC) $ 83,113.27
ethereum
Ethereum (ETH) $ 1,903.61
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.29
bnb
BNB (BNB) $ 635.23
solana
Solana (SOL) $ 124.97
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.708137
dogecoin
Dogecoin (DOGE) $ 0.167901
tron
TRON (TRX) $ 0.222687
staked-ether
Lido Staked Ether (STETH) $ 1,902.25
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 82,988.23
leo-token
LEO Token (LEO) $ 9.79
chainlink
Chainlink (LINK) $ 14.12
the-open-network
Toncoin (TON) $ 3.50
usds
USDS (USDS) $ 1.00
stellar
Stellar (XLM) $ 0.270274
wrapped-steth
Wrapped stETH (WSTETH) $ 2,278.36
pi-network
Pi Network (PI) $ 1.18
hedera-hashgraph
Hedera (HBAR) $ 0.187434
avalanche-2
Avalanche (AVAX) $ 18.92
shiba-inu
Shiba Inu (SHIB) $ 0.000013
sui
Sui (SUI) $ 2.28
mantra-dao
MANTRA (OM) $ 7.02
litecoin
Litecoin (LTC) $ 89.50
bitcoin-cash
Bitcoin Cash (BCH) $ 334.91
polkadot
Polkadot (DOT) $ 4.31
ethena-usde
Ethena USDe (USDE) $ 1.00
bitget-token
Bitget Token (BGB) $ 4.50
weth
WETH (WETH) $ 1,903.71
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
hyperliquid
Hyperliquid (HYPE) $ 13.25
whitebit
WhiteBIT Coin (WBT) $ 28.26
wrapped-eeth
Wrapped eETH (WEETH) $ 2,022.84
monero
Monero (XMR) $ 211.33
uniswap
Uniswap (UNI) $ 6.26
susds
sUSDS (SUSDS) $ 1.04
aptos
Aptos (APT) $ 5.34
dai
Dai (DAI) $ 0.999881
okb
OKB (OKB) $ 52.04
near
NEAR Protocol (NEAR) $ 2.57
pepe
Pepe (PEPE) $ 0.000007
internet-computer
Internet Computer (ICP) $ 5.81
mantle
Mantle (MNT) $ 0.825976
gatechain-token
Gate (GT) $ 22.02
ethereum-classic
Ethereum Classic (ETC) $ 17.57
ondo-finance
Ondo (ONDO) $ 0.837344
tokenize-xchange
Tokenize Xchange (TKX) $ 32.88
aave
Aave (AAVE) $ 172.63
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 83,118.27