- ETH price rebounded nicely after testing the key $160 support area against the US Dollar.
- The price climbed higher sharply and broke the $165, $168 and $170 resistance levels.
- There was a break above a contracting triangle with resistance near $162 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair traded to a new weekly high near $180 and it remains well supported for more gains.
Ethereum price started a strong upward move versus the US Dollar and bitcoin. ETH is likely to remain in an uptrend and it could even target a break above the $185 and $192 resistances.
Ethereum Price Analysis
Yesterday, we saw a downside extension in Ethereum price below the $165 level against the US Dollar. The ETH/USD pair tested the key $160 support area, where the bulls defended more losses. As a result, there was a strong upward move and the price climbed back above the $162 and $165 resistance levels. There was a change in the trend, with a close above the $165 level and the 100 hourly simple moving average.
During the rise, there a break above a contracting triangle with resistance near $162 on the hourly chart of ETH/USD. The pair rallied above the $165, $168 and $170 resistance levels. It even cleared $175 and traded to a new weekly high near the $180 level. At the moment, the price is consolidating gains above the $175 level. An immediate support is near $175, and the 23.6% Fib retracement level of the recent wave from the $160 low to $180 high. If there is a downside extension, the price could test the key $169 support level.
The mentioned $169 level was a resistance recently and it may now provide support. The 50% Fib retracement level of the recent wave from the $160 low to $180 high is also near the $169 level. On the upside, the main resistance is near the $180-181 zone. A clear close above $180 may open the doors for a push above the $185 and $192 resistance levels.
Looking at the chart, Ethereum price clearly jumped sharply from the $160 support area. The current price action is positive and it seems like the price may continue to rise above the $180 resistance level. The bulls may even target the main $200 level in the coming days. On the downside, the recent barriers are likely to act as supports such as $175, $170 and $169.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently reducing its bullish slope, with positive signs.
Hourly RSI – The RSI for ETH/USD is currently well above the 70 level, with a strong bullish bias.
Major Support Level – $169
Major Resistance Level – $180
Author: Aayush Jindal