Ethereum Trades In Between Two Key Moving Averages
Similar to Bitcoin and the rest of the crypto market, Ethereum has moved higher in the last couple of days. The move has facilitated a break of two importance levels of resistance i.e. the horizontal resistance at $152 and the 100-DMA at $158.
As seen in the chart below, the bears had already rotated lower to retest the 100-DMA, now as a support. As a result, the price action is now stuck in between the 100-DMA and 200-DMA that trade at $158 and $181 respectively.
Moreover, the 200-DMA is also backed with the descending wedge resistance, which trades in the $180 area as well. This area should be seen as the key short-term resistance for the Ethereum bulls. If broken, the next level of significant resistance is seen at $198 as well as $225 (thick blue horizontal lines).
As mentioned earlier, the 100-DMA is providing short-term support, together with the broken horizontal resistance. The key mid-term support is still at $115, an area that hosts the wedge support and the 11-month low printed in December.
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