- ETH price formed a solid support near $155 and recovered nicely against the US Dollar.
- The price gained traction above the $162 resistance and the 100 hourly simple moving average.
- Yesterday’s highlighted key bearish trend line was breached at $164 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair accelerated towards the $168 level and it may continue to rise towards the $175 level.
Ethereum price started a fresh upward move versus the US Dollar, with positive moves in bitcoin. ETH is likely preparing for more gains and it could reach the $175 resistance.
Ethereum Price Analysis
Recently, we saw an extended downside correction below the $160 level in Ethereum price against the US Dollar. The ETH/USD pair tested the $155 level and settled below the 100 hourly simple moving average. However, the $155 level acted as a strong support and later the price started a fresh increase. Bulls gained traction above the $160 resistance and the 50% Fib retracement level of the last drop from the $170 high to $155 low.
More importantly, yesterday’s highlighted key bearish trend line was breached at $164 on the hourly chart of ETH/USD. The pair rallied above the $162 level and the 100 hourly SMA. Besides, there was a break below the 61.8% Fib retracement level of the last drop from the $170 high to $155 low. The price traded close to the $170 resistance area and formed a high near $168. It is currently consolidating gains above the broken trend line and the 100 hourly SMA. An immediate support is $165 and the 23.6% Fib retracement level of the recent wave from the $155 low to $168 high.
On the upside, a break above the $168 and $170 resistance levels may open the doors for more gains. The next stop for buyers could be $175, where sellers could appear. Having said that, if there is an upside break above $175, the price could continue to accelerate towards the $180 resistance.
Looking at the chart, Ethereum price is showing positive signs above the $165 and $162 support levels. In the short term, there might be range moves above the $162 support. If there is an extended correction, the price could test the 50% Fib retracement level of the recent wave from the $155 low to $168 high. Finally, the price is likely to clear the $170 resistance to test $175.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD moved back in the bullish zone, with positive signs.
Hourly RSI – The RSI for ETH/USD bounced back above 50 and it is currently near the 60 level.
Major Support Level – $162
Major Resistance Level – $170