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- ETH price traded further higher above the $175 resistance, but failed to hold gains against the US Dollar.
- The price corrected lower sharply and tested the key $169-170 support area.
- There is a crucial bullish trend line formed with support at $169 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to bounce back as long as it is trading above the $168 level and the 100 hourly SMA.
Ethereum price climbed to new weekly highs versus the US Dollar, following bitcoin increase. ETH spiked above $176 before starting a downside correction towards the $170 support.
Ethereum Price Analysis
Recently, there was a steady rise in Ethereum price above the $170 resistance area against the US Dollar. The ETH/USD pair extended gains above the $175 resistance level and spiked above $176. However, the bulls failed to take the price towards the $180 level and recently the price started a downside correction. The price traded below the $172 level and the 23.6% Fib retracement level of the recent leg from the $165 low to $176 high.
The price even spiked below the $170 level, and the 50% Fib retracement level of the recent leg from the $165 low to $176 high. However, the previous resistance levels at $169 and $170 acted as strong supports. There is also a crucial bullish trend line formed with support at $169 on the hourly chart of ETH/USD. The trend line support holds the key since it is near the $168 pivot level and the 100 hourly simple moving average. The 61.8% Fib retracement level of the recent leg from the $165 low to $176 high is also near the $169 level to act as a support.
Therefore, as long as the price is above the $168-170 support area, it could bounce back. On the upside, an initial resistance is near the $172 level. If Ethereum gains pace above the $172 level, there are chances of a run towards the $175 and $176 resistance levels.
Looking at the chart, Ethereum price is clearly trading above key support levels near $170. Therefore, the price is likely to climb back above $172 and $174 levels in the near term. On the downside, a break below the $168 support could trigger a fresh decline. The next major support is at $162 level. It is the 1.236 Fib extension level of the recent leg from the $165 low to $176 high.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone, with a few negative signs.
Hourly RSI – The RSI for ETH/USD declined below the 50 level, with a bearish angle.
Major Support Level – $168
Major Resistance Level – $175
