Ethereum’s Price Upside Potential at Risk Unless It Surpasses the 100-Day Simple Moving Average (100-DSMA)

Key Points:
– Ethereum has managed to remain above the $2,900 support level.
– On the daily chart, ETH/USD is encountering resistance at a significant bearish trend line located at $3,300.
– To initiate a new upward movement, the price must surpass both the $3,300 level and the 50-day simple moving average (blue).


Ethereum price
NEW DELHI (CoinChapter.com) — Ethereum (ETH) is still holding above $2,900. However, if it continues to remain below $3,300 and the 50-day simple moving average (blue) for an extended period, it could experience a sharp decline.
Ethereum Price Maintains Crucial Support
Over the past few days, Ethereum has traded within a range below the $3,350 resistance level. The bulls have attempted to push for a new increase, but they have encountered difficulty in surpassing the $3,350 mark as well as the 50-day simple moving average (blue). Similar to Bitcoin, ETH faced a downward reaction and dropped below $3,000.
Nevertheless, the bulls once again became active near the $2,900 support level. They successfully prevented a close below the 61.8% Fibonacci retracement level of the upward movement from the $2,172 low to the $4,082 high.


Ethereum price daily chart | Source: ETH/USD on TradingView.com
Ethereum is now on an upward trajectory and is trading above the pivotal $3,000 level. However, several obstacles are forming on the upside, particularly around $3,250, $3,300, and the 50-day simple moving average (blue). Additionally, a significant bearish trend line is currently in place with resistance at $3,300 on the daily chart.
For a fresh upward movement to occur, the price must surpass the $3,300 resistance zone and the 50-day simple moving average (blue). If this happens, the price could see a recovery and test the $3,500 resistance level. The next major resistance level is located around $3,630.
A clear breakthrough above the $3,630 resistance level could propel Ether higher. The following major resistance level is situated at $3,920. If the bulls manage to overcome the $3,920 resistance, the price could resume its uptrend and rise towards the $4,080 resistance level in the near future.
Potential Downside Break in ETH?
Alternatively, Ethereum might fail to settle above $3,300 and initiate another decline. Immediate support can be found near the $3,000 level, with the first major support still residing around the $2,900 zone.
If a downside break occurs and ETH closes below $2,900 on a daily basis, it could plummet towards the 76.4% Fibonacci retracement level of the upward movement from the $2,172 low to the $4,082 high, which is situated at $2,620. Should the bulls fail to defend the $2,620 support level, the price could drop towards the $2,200 support level in the coming days.
Overall, Ethereum’s price is currently facing multiple obstacles around $3,300 and the 50-day simple moving average (blue). If ETH continues to struggle, there is a risk of a significant decline towards $2,620 and potentially even $2,200.