Ethereum Looks Ready For Another Leg Higher Over $175

Aayush Jindal

1 year ago

2 mins read

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Ethereum is consolidating gains above the $170 and $165 support levels against the US Dollar. ETH price is likely setting up for another leg higher over the $175 resistance area.

Ethereum is showing a few positive signs above the $170 support level.
The price could gain bullish momentum once it clears the $175 resistance area.
There is a major contracting triangle forming with resistance near $174 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could either surge above the $175 barrier or it might correct towards the $162 support.

Ethereum Price Eyeing Upside Break

After retesting the $175 resistance, Ethereum corrected a few points against the US Dollar. ETH traded below the $170 level, but it remained stable above the $168 level.

It seems like the $165 level acted as a support and them price is still well above the 100 hourly simple moving average. The recent high is formed near $173 and the price is currently consolidating gains.

It corrected below the 23.6% Fib retracement level of the recent wave from the $165 swing low to $173 high. However, there is a strong support forming near the $170 level.

The 50% Fib retracement level of the recent wave from the $165 swing low to $173 high is also near the $170 level. At the outset, there is a major contracting triangle forming with resistance near $174 on the hourly chart of ETH/USD.

If Ethereum climbs above the triangle resistance, it could start another leg higher over $175. An immediate resistance is near the $180 level, above which the bulls are likely to aim a larger upward move towards the $195 and $200 resistance levels.

Dips Remain Supported

On the downside, an initial support for Ethereum is near the $170 level and the triangle lower trend line. A successful close below the triangle support may perhaps start a bearish wave below $168.

The next support is near the $165 level, below which the bears are likely to aim a test of the $162 support area. The 100 hourly simple moving average is also near the $162 level to act as a strong support in the near term. Any further losses could lead the price towards the $158 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing positive signs in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently just above the 50 level.

Major Support Level – $165

Major Resistance Level – $175

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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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