- ETH price formed a support base near the $150 level and recently recovered higher against the US Dollar.
- The price climbed above the $155 and $158 resistance levels to move into a positive zone.
- There is a connecting bullish trend line forming with support near $158 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently trading with a positive bias and it could recover towards $165 and $170.
Ethereum price started a decent rebound versus the US Dollar and bitcoin. ETH is now placed nicely above $158 and it may continue to rise towards the $170 resistance area.
Ethereum Price Analysis
Yesterday, there was a decent upward move in Ethereum price above the $154 and $155 resistances against the US Dollar. The ETH/USD pair even settled above the $155 level and the 100 hourly simple moving average. The pair gained bullish momentum and even broke the $158 resistance and the $159 swing high. It opened the doors for more gains above the $160 level and the 1.236 Fib extension level of the last drop from the $159 high to $150 swing low.
The price traded towards the $165 level and formed a swing high near $163. At the moment, the price is correcting lower towards $160. An immediate support is near $160 and the 23.6% Fib retracement level of the recent wave from the $150 swing low to $163 high. Moreover, there is a connecting bullish trend line in place with support near $158 on the hourly chart of ETH/USD. If there is a break below the trend line, the price could test the $156 support level. The 50% Fib retracement level of the recent wave from the $150 swing low to $163 high is near the $156 level.
Besides, the 100 hourly SMA is also close to the $156 support to prevent losses. On the upside, an initial resistance is near the $163 high. The next key resistance is near the $165 level, above which the price could start a strong wave towards the $170 and $172 levels.
Looking at the chart, Ethereum price clearly recovered nicely above the $160 resistance level. In the short term, there might be a downside correction, but dips remain well supported on the downside near the $160, $158 and $156 levels. Overall, the price is likely to extend gains above the $163 swing high as long as it is trading above the $158 support level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is now placed nicely in the bullish zone.
Hourly RSI – The RSI for ETH/USD jumped above the 60 level and is currently above 70.
Major Support Level – $158
Major Resistance Level – $165
Author: Aayush Jindal