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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