Ethereum (ETH) Could Make Sustained Move Higher

Aayush Jindal

5 years ago

2 mins read

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Ethereum is still facing resistance near the $155 and $156 levels levels against the US Dollar.
The price is likely to make a sustained move higher once it breaks the $156 resistance.
There is a key declining channel forming or a bullish flag with resistance near $154 on the hourly chart of ETH/USD (data feed via Kraken).
The price could start a fresh decline only if it settles below the $142 support area.

Ethereum price is consolidating gains above key supports versus the US Dollar, similar to bitcoin. ETH price could rally towards $165 once it clears the $156 resistance.

Ethereum Price Analysis

Yesterday, there was an upside extension of the recovery initiated from $132 in Ethereum against the US Dollar. ETH price climbed above the key $150 resistance and the 100 hourly simple moving average.

Moreover, the price broke the $152 resistance and tested the next key resistance area near the $155 level. A high was formed near the $156 level and the price is currently consolidating gains.

It corrected below the $152 level. Besides, there was a push below the 23.6% Fib retracement level of the recovery wave from the $142 low to $156 high. At the moment, the price seems to be holding the $150 support and the 100 hourly simple moving average.

On the upside, there is a strong resistance forming for Ethereum near the $155 and $156 levels. Additionally, there is a key declining channel forming or a bullish flag with resistance near $154 on the hourly chart of ETH/USD.

Therefore, an upside break above the $155 and $156 resistance levels could push the price further higher. It is likely to make a sustained move higher towards the $165 resistance.

Conversely, the price could continue to correct gains below $150. An initial support is near the $148 level. It represents the 50% Fib retracement level of the recovery wave from the $142 low to $156 high.

The main support on the downside is near the $142 level. If the price closes below the $142 support, it is likely to move back into a bearish zone towards the $132 level.

Looking at the chart, Ethereum price is still trading above many key supports such as $150, $148 and $142. As long as there is no close below $142, there are high chances of a nice upward move above the $155 and $156 resistances in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently near the 50 level and it could bounce back.

Major Support Level – $148

Major Resistance Level – $155

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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