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Home Technical analysis

Ethereum (ETH) Price Smashes Resistance, $175 Could Be Next

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
sleepwalking, technical analysis ethereum
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  • ETH price formed a solid support near $155 and recovered nicely against the US Dollar.
  • The price gained traction above the $162 resistance and the 100 hourly simple moving average.
  • Yesterday’s highlighted key bearish trend line was breached at $164 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair accelerated towards the $168 level and it may continue to rise towards the $175 level.

Ethereum price started a fresh upward move versus the US Dollar, with positive moves in bitcoin. ETH is likely preparing for more gains and it could reach the $175 resistance.

Ethereum Price Analysis

Recently, we saw an extended downside correction below the $160 level in Ethereum price against the US Dollar. The ETH/USD pair tested the $155 level and settled below the 100 hourly simple moving average. However, the $155 level acted as a strong support and later the price started a fresh increase. Bulls gained traction above the $160 resistance and the 50% Fib retracement level of the last drop from the $170 high to $155 low.

More importantly, yesterday’s highlighted key bearish trend line was breached at $164 on the hourly chart of ETH/USD. The pair rallied above the $162 level and the 100 hourly SMA. Besides, there was a break below the 61.8% Fib retracement level of the last drop from the $170 high to $155 low. The price traded close to the $170 resistance area and formed a high near $168. It is currently consolidating gains above the broken trend line and the 100 hourly SMA. An immediate support is $165 and the 23.6% Fib retracement level of the recent wave from the $155 low to $168 high.

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On the upside, a break above the $168 and $170 resistance levels may open the doors for more gains. The next stop for buyers could be $175, where sellers could appear. Having said that, if there is an upside break above $175, the price could continue to accelerate towards the $180 resistance.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is showing positive signs above the $165 and $162 support levels. In the short term, there might be range moves above the $162 support. If there is an extended correction, the price could test the 50% Fib retracement level of the recent wave from the $155 low to $168 high. Finally, the price is likely to clear the $170 resistance to test $175.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD moved back in the bullish zone, with positive signs.

Hourly RSI – The RSI for ETH/USD bounced back above 50 and it is currently near the 60 level.

Major Support Level – $162

Major Resistance Level – $170

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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