- ETH cost rebounded nicely after testing the important thing $160 support area from the US Dollar.
- The cost rose greater dramatically and broke the $165, $168 and $170 resistance levels.
- There is a rest over a contracting triangular with resistance near $162 around the hourly chart of ETH/USD (data feed via Kraken).
- The happy couple traded to a different weekly high near $180 also it remains well supported for additional gains.
Ethereum cost began a powerful upward move in comparison to the US Dollar and bitcoin. ETH will probably stay in an upward trend also it may even target a rest over the $185 and $192 resistances.
Ethereum Cost Analysis
Yesterday, we had a drawback extension in Ethereum cost underneath the $165 level from the US Dollar. The ETH/USD pair tested the important thing $160 support area, in which the bulls defended more losses. Consequently, there is a powerful upward move and also the cost rose back over the $162 and $165 resistance levels. There is a general change in the popularity, having a close over the $165 level and also the 100 hourly simple moving average.
Throughout the rise, there a rest over a contracting triangular with resistance near $162 around the hourly chart of ETH/USD. The happy couple rallied over the $165, $168 and $170 resistance levels. It also removed $175 and traded to a different weekly high close to the $180 level. Right now, the cost is consolidating gains over the $175 level. An instantaneous support is near $175, and also the 23.6% Fib retracement degree of the current wave in the $160 low to $180 high. If there’s a drawback extension, the cost could test the important thing $169 support level.
The pointed out $169 level would be a resistance lately and it will now provide support. The 50% Fib retracement degree of the current wave in the $160 low to $180 high can also be close to the $169 level. Around the upside, the primary resistance is close to the $180-181 zone. A obvious close above $180 may open the doorways for any push over the $185 and $192 resistance levels.
Searching in the chart, Ethereum cost clearly leaped dramatically in the $160 support area. The present cost action is positive also it appears such as the cost will continue to go above the $180 level of resistance. The bulls might even concentrate on the primary $200 level within the future. Around the downside, the current barriers will probably behave as supports for example $175, $170 and $169.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is presently reducing its bullish slope, with positive signs.
Hourly RSI – The RSI for ETH/USD is presently well over the 70 level, having a strong bullish bias.
Major Support Level – $169
Major Level Of Resistance – $180
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