[ad_1]
- The price of ETHs has recently been adjusted downward, but has remained above the main support of $ 156-157 against the US dollar.
- The price faces a lot of obstacles close to the levels of $ 162 and $ 163 up.
- A short-term declining channel is in place with a resistance close to USD 163 on the ETH / USD time chart (data feed via Kraken).
- The pair must stay above the $ 156 support to avoid a short-term break in the short term.
The Ethereum price faces a lot of commercial interests against the US dollar and bitcoin. ETH could rebound above $ 163 provided that the $ 156 support zone is intact.
Ethereum Price Analysis
Recently, there has been a decent rise in the price of Ethereum above 165 USD versus the US dollar. The ETH / USD pair rallied to resistance at $ 170, but failed to maintain gains. There was no clear break above the resistance zone of $ 168-169. As a result, there was a downward correction below the $ 165 and $ 163 levels. The price has even exceeded the level of $ 160 and the simple moving average every 100 hours. However, the support area of $ 156-157 was a strong buying area.
The price has recently traded above the $ 162 level and the Fib retracement level of 23.6% from the last drop, from the $ 169 maximum to $ 157. Signs of recovery are visible, but it appears that the $ 163 level is a significant resistance. It also represents the Fib retracement level of 50% from the last drop, from the low of $ 169 to $ 157. At first, the price went down and is trading just above the key support area of $ 156-157. If the bulls fail to defend the support zone by $ 156, there is a risk of a sharp decline.
The next key support is close to the $ 155 level, below which the price of ether could drop to reach the support level of $ 150. On the upside, the price must clear the $ 163 level to start a decent upward movement. A short-term declining channel is also in place with a resistance close to USD 163 on the ETH / USD time chart.
Looking at the chart, the price of Ethereum can trade in a range above the $ 157 support for some time before the next break. The chances of a further increase are high as the price of bitcoin gains strength. If the break below USD155, it could put a lot of pressure on bulls in the short term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is currently in the bearish zone, with some negative signs.
RSI hourly – The RSI for ETH / USD has recently fallen below the 50 level, while maintaining the 40 level.
Major Support Level – $ 157
Major resistance level – $ 163
[ad_2]
Source link