- ETH price extended gains and rallied towards the $175 resistance area against the US Dollar.
- The price pumped sharply above the $169 and $170 resistance levels to test $174.
- There is a solid bullish trend line formed with support at $168 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains well supported on the downside near $170 and it could continue to rise towards $180.
Ethereum price climbed higher above key levels versus the US Dollar, along with bitcoin. ETH remains well bid and it seems like buyers could push the price towards $180 and $182.
Ethereum Price Analysis
Yesterday, we saw a strong rebound in Ethereum price above the $162 and $165 resistance levels against the US Dollar. The ETH/USD pair even tested the $170 resistance level and settled above 100 hourly simple moving average. Finally, the price broke the $169 and $170 resistance levels to extend the rally towards the $175 level (as discussed in yesterday’s analysis). The price tested the $174 level and it is currently consolidating gains below $175.
An initial support is near $172 and the 23.6% Fib retracement level of the recent wave from the $164 swing low to $174 high. On the downside, there are many supports near the $170 and $169 levels (the previous resistances). There is also a solid bullish trend line formed with support at $168 on the hourly chart of ETH/USD. The trend line coincides with the 50% Fib retracement level of the recent wave from the $164 swing low to $174 high. Therefore, if the price corrects below $172, it is likely to find support near the $168 support area.
On the upside, an initial resistance is near the $175 level. Should Ether buyers push the price above the $175 resistance, there could be a strong move towards the $180 and $182 resistance levels. If buyers remain in action, there is even a chance of a run towards the $190 resistance area.
Looking at the chart, Ethereum price trading nicely above the $168, $169 and $170 support levels. As long as there is no close below $168, the price remains in a positive zone. Below $168, the next support is at $164 and the 100 hourly simple moving average. The overall price action is positive and the recent break above $170 suggests that bears are clearly struggling to push the price lower.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining strong momentum in the bullish zone, with positive signs.
Hourly RSI – The RSI for ETH/USD jumped above the 60 level and it is currently near 75.
Major Support Level – $168
Major Resistance Level – $175
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* First published on newsbtc.com