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- ETH price finally broke the $149 and $150 resistance levels and gained pace against the US Dollar.
- The price traded above the $160 resistance and formed a new 2019 high above $165.
- There is a major bullish trend line formed with support near $148 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair remains in a strong uptrend and it could accelerate towards the $175 level in the near term.
Ethereum price gained bullish momentum above key resistances versus the US Dollar and Bitcoin. ETH/USD might continue to rise and it could even break the $170 and $175 levels.
Ethereum Price Analysis
This past week, we saw a brief consolidation pattern below the $150 resistance in ETH price against the US Dollar. The ETH/USD pair made many attempts to break the $149 and $150 resistance levels, but it failed. There was even a downside correction below the $146 and $145 supports. However, the $138 level acted as a strong support and the price was well above the 100 simple moving average (4-hours). Finally, buyers gained pace and were able to break the $149 and $150 resistance levels.
It broke the $154 resistance as well and climbed above the $160 resistance. More importantly, the price traded to a new 2019 high above the $165 level. A high was formed at $166 and the price is currently correcting lower. An initial support is near the 23.6% Fib retracement level of the last wave from the $139 low to $166 high. However, there are many supports on the downside near the $155 and $153 levels. Moreover, the 50% Fib retracement level of the last wave from the $139 low to $166 high is also placed near the $153 level. Finally, there is a major bullish trend line formed with support near $148 on the 4-hours chart of ETH/USD.
Clearly, the price remains well supported above the $153 support. The main support on the downside could be $151 and the 61.8% Fib retracement level of the last wave from the $139 low to $166 high. On the upside, an initial resistance is near the $168 and $170 levels. If there is a break above the $170 level, the price could test the $175 level.
The above chart indicates that ETH price is placed in a strong uptrend above the $155, $153 and $151 support levels. Therefore, there are chances of more gains above the $170 level.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently well above the 70 level.
Major Support Level – $151
Major Resistance Level – $170
