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- The price of ETHs has traded further above the USD 175 resistance, but has failed to maintain its gains against the US dollar.
- The price fell sharply and tested the key support area from 169 to 170 USD.
- There is a crucial uptrend line formed with USD 169 support on the ETH / USD time chart (data feed via Kraken).
- The pair is likely to rebound as long as it is trading above the $ 168 and SMA level every 100 hours.
The price of Ethereum has hit new weekly highs against the US dollar, as a result of the increase in the number of bitcoins. ETH exceeded $ 176 before initiating a downward correction of the $ 170 support.
Ethereum Price Analysis
Recently, the Ethereum price has risen steadily above the US $ 170 resistance zone against the US dollar. The ETH / USD rose above the resistance level of $ 175 and surpbaded $ 176. However, buyers have failed to bring the price to $ 180 and the price has recently begun a downward correction. The price has traded below the $ 172 level and the Fib retracement level of 23.6% from the recent segment, rising from a low of $ 165 to a high of $ 176.
The price even climbed below the $ 170 level and the 50% Fib retracement level of the recent segment from the lowest level of $ 165 to the high of $ 176. However, resistance levels of $ 169 and $ 170 were strong support. There is also a crucial uptrend line formed with support at $ 169 on the ETH / USD time chart. Trendline support is essential because it is near the $ 168 pivot level and the single moving average every 100 hours. The Fib retracement level of 61.8% from the recent stage, from the lowest level of $ 165 to the highest at $ 176, is also close to the $ 169 level for support.
Therefore, as long as the price is higher than the support zone between $ 168 and $ 170, it could rebound. On the upside, the initial resistance is around $ 172. If Ethereum wins faster than the $ 172 level, there is a chance that the resistance levels will reach $ 175 and $ 176.
Looking at the chart, the Ethereum price is clearly trading above key support levels near $ 170. As a result, the price should rise above the $ 172 and $ 174 levels in the near term. On the downside, a break below support of $ 168 could trigger a further decline. The next major support is at the $ 162 level. This is the 1,236 Fib extension level from the last step, from the lowest amount to $ 165 up to $ 176.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is progressing in the bearish zone, with some negative signs.
RSI hourly – The RSI for ETH / USD fell below level 50, with a bearish angle.
Major Support Level – $ 168
Major resistance level – $ 175
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