TA: Ethereum Just Saw Key Technical Correction, But 100 SMA Is Still Strong

Ethereum failed to clear the $3,350 resistance and corrected lower against the US Dollar. ETH price is still above the 100 hourly SMA and it could rise again to $3,350. Ethereum seems to be facing a strong resistance near $3,350 and $3,380. The price is now trading above $3,200 and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $3,180 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase as long as it is above the $3,150 support zone. Ethereum Price Rally Fades Ethereum made another attempt to gain strength above $3,300 and $3,320. However, ETH price failed to continue higher above $3,350 and started a fresh decline, similar to bitcoin. The price broke the $3,300 and $3,250 support levels. Ether traded below the 50% Fib retracement level of the upward move from the $3,142 swing low to $3,348 high. The price even spiked below the $3,200 support and the 100 hourly simple moving average, but the bulls were active. The price found support near the 61.8% Fib retracement level of the upward move from the $3,142 swing low to $3,348 high. There is also a crucial bullish trend line forming with support near $3,180 on the hourly chart of ETH/USD. It is now trading above $3,200 and the 100 hourly simple moving average. An immediate resistance is near the $3,250 level. The first key resistance is near the $3,285 level, above which the price could...