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- The ETH price finally surpbaded the resistance levels of $ 149 and $ 150 and accelerated against the US dollar.
- The price has traded above the resistance of $ 160 and has set a new high for 2019 greater than $ 165.
- There is a major uptrend line formed with support close to $ 148 on the ETH / USD 4 hour chart (data feed via Kraken).
- The pair remains in a strong uptrend and could accelerate to $ 175 in the near term.
The price of the Ethereum has gained momentum over key resistance against the US dollar and Bitcoin. ETH / USD could continue to rise and even break the levels of $ 170 and $ 175.
Ethereum Price Analysis
Last week we saw a brief consolidation trend under the US $ 150 resistance of the ETH price against the US dollar. The ETH / USD has made many attempts to break the resistance levels of $ 149 and $ 150, but it has failed. There was even a downward correction under support of $ 146 and $ 145. However, the $ 138 level was a strong support and the price was well above the simple moving average of 100 (4 hours). Finally, buyers accelerated and managed to break through the resistance levels of $ 149 and $ 150.
He also broke the resistance of $ 154 and exceeded the resistance of $ 160. More importantly, the price hit a new high in 2019, above the $ 165 level. A maximum was formed at $ 166 and the price is currently lowering. Initial support is close to the Fib retracement level of 23.6% from the last wave, from the low at $ 139 to $ 166. However, there are many downside supports near the levels of $ 155 and $ 153. In addition, the 50% Fib retracement level of the last wave, from the lowest at $ 139 to the highest at $ 166, is also placed near the $ 153 level. Finally, there is a major uptrend line formed with support close to $ 148 on the 4 ETH / USD chart.
Clearly, the price remains well supported above the support of $ 153. The main downside support could be $ 151 and the Fib retracement level of 61.8% from the last wave, from the lowest level at $ 139 up to $ 166. On the upside, the initial resistance is around $ 168 and $ 170. If there is a break above the $ 170 level, the price could test the $ 175 level.
The graph above indicates that ETH prices are trading in a strong bullish trend above support levels of $ 155, $ 153, and $ 151. As a result, there are chances of other earnings exceeding the $ 170 level.
Technical indicators
4 hours MACD – The MACD for ETH / USD is gaining ground in the bullish zone.
4 hours RSI – The RSI for ETH / USD is currently well above the 70 level.
Major Support Level – $ 151
Major resistance level – $ 170
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