TA: Ethereum Weakens Below $600: Why 100 SMA Could Trigger Fresh Increase

Ethereum started a downside correction from the $620 zone against the US Dollar. ETH price is now trading near a major support at $580 and the 100 hourly SMA Ethereum started a downside correction after it failed to clear the $620 and $625 resistance levels. The price traded below the $600 support, but it is […]

TA: Ethereum Weakens Below $600: Why 100 SMA Could Trigger Fresh Increase

Ethereum started a downside correction from the $620 zone against the US Dollar. ETH price is now trading near a major support at $580 and the 100 hourly SMA Ethereum started a downside correction after it failed to clear the $620 and $625 resistance levels. The price traded below the $600 support, but it is still above the 100 hourly simple moving average. There is a key declining channel forming with resistance near $600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could either climb above $600 or extend its decline towards the $550 support level. Ethereum Price Corrects Lower There were two attempts by Ethereum to surpass the $620 resistance level, but it failed. As a result, there was a bearish reaction and the price broke the $612 and $600 support levels. The decline gained pace below the $600 support level and the price even broke the $585 level. Ether found support near the $580 level (the last key breakout zone) and it is still well above the 100 hourly simple moving average. The price is currently consolidating losses above the $580 support. It is testing the 23.6% Fib retracement level of the recent decline from the $612 swing high to $580 swing low.