- 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.
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
