• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
sleepwalking, technical analysis ethereum
Sensei Inu Logo

Ethereum (ETH) Price Starts Fresh Increase: Bitcoin Leading Gains

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • ETH price found support near the $156 level and recently bounced back against the US Dollar.
  • The price is currently trading nicely above the $156 and $158 support levels.
  • Yesterday’s highlighted declining channel was breached with resistance near the $158 level on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently struggling near $160, above which it could trade towards the $164 level.

Ethereum price is gaining traction versus the US Dollar, but it is struggling against bitcoin. ETH is likely to climb higher in the near term, but it may struggle near $164-165.

Ethereum Price Analysis

Yesterday, we saw a fresh downside correction in Ethereum price from the $163-164 zone against the US Dollar. The ETH/USD pair corrected lower and broke the $160 support level. However, the 50% Fib retracement level of the upward move from the $150 low to $163 high acted as a support. Besides, the $156 level and the 100 hourly simple moving average also prevented losses. There was a false spike, but the price quickly bounced back above $158.

More importantly, yesterday’s highlighted declining channel was breached with resistance near the $158 level on the hourly chart of ETH/USD. The pair broke the 50% Fib retracement level of the recent decline from the $163 high to $154 swing low. As a result, the price is now trading with a positive bias above $158. An immediate resistance is near the $160 level. It coincides with the 61.8% Fib retracement level of the recent decline from the $163 high to $154 swing low. If there is an upside break above the $160 resistance, the price is likely to climb towards the $163-164 zone.

On the downside, the main support is near the $156 level and the 100 hourly SMA. If there is a proper close below the 100 hourly SMA, the price may decline towards the $154 or $150 support levels. Bitcoin price is currently up more than 3%, but it seems like ETH price is struggling to gain pace above the $160 and $161 resistance levels.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is currently placed in a positive zone above $158, but it must gain traction above $160. The next stop for the bulls could be near $164 or $165. If there are further gains, there are chances of a sharp rally towards the $170 or $172 resistance level.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone, with positive signs.

Hourly RSI – The RSI for ETH/USD is now placed well above the 50 level, with a bullish angle.

Major Support Level – $156

Major Resistance Level – $164

Tags: ETHethereum
Tweet123Share196ShareSend
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

Related Posts

Ethereum

Ethereum Price Faces Rejection But Bulls Are Not Out of Woods Yet

3 hours ago
Bitcoin Price

Bitcoin Bulls Keep Pushing But Faces Rejection, 100 SMA Is The Key

4 hours ago
Uniswap

Uniswap Unveils Funding Plan For Ecosystem Revamp As UNI Price Hits 4-Month Low

4 hours ago
Cardano ADA price

Factors That Suggest A Recovery For The ADA Price

8 hours ago
XRP price

XRP Price At Risk? SEC Chair’s Congressional Testimony Fuels Ripple’s Legal Battle

9 hours ago
Michael Egorov

Curve Founder Michael Egorov Clears Aave Loan, Reduces Total Debt To $42.7 Million

10 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Can Ethereum (ETH) and Bitcoin (LTC) bounce from current...

    13 hours ago
  • Solana Defies Price Fears, Bitcoin Spark Leads ICO...

    19 hours ago
  • Mercante Technologies to Launch AI-Powered Customer Support...

    20 hours ago
  • Expert Reviews Of IBKR vs eToro And The Promising Broker...

    1 day ago
  • Meta Force by Lado Okhotnikov Launches SWAP: Secure and...

    2 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.