TA: 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.

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