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- The price of ETHs was a solid support close to USD 155 and has rebounded well against the US dollar.
- The price gained ground above the $ 162 resistance and the single moving average every 100 hours.
- The key bearish trend line highlighted yesterday was exceeded at USD166 on the ETH / USD time chart (data feed via Kraken).
- The pair has accelerated to the $ 168 level and could continue to progress to the $ 175 level.
The price of Ethereum has begun a new upward movement against the US dollar, with positive movements in bitcoins. ETH is probably gearing up for more gains and it could reach the $ 175 resistance.
Ethereum Price Analysis
Recently, we have seen a prolonged bearish correction below the USD 160 level of the Ethereum price relative to the US dollar. The ETH / USD pair has tested the level of USD 155 and is established below the single moving average at 100 hours. However, the level of $ 155 was a solid support and later, the price started a new increase. The bulls gained traction above the resistance of $ 160 and the Fib retracement rate by 50% from the last drop, from the low at $ 170 to $ 155.
More importantly, the key bearish trend line highlighted yesterday was exceeded at USD166 on the ETH / USD time chart. The pair rebounded above the $ 162 level and the SMA at 100 hours. In addition, there was a break below the Fib retracement level of 61.8% in the last decline, from the high of $ 170 to $ 155. The price has traded near the $ 170 resistance zone and has peaked near $ 168. It is currently consolidating gains above the broken trend line and the 100-hour SMA. Immediate support is $ 165 and the Fib retracement level of 23.6% from the recent wave, from $ 155 to $ 168.
On the upside, a break above the resistance levels of $ 168 and $ 170 could pave the way for further gains. The next step for buyers could be $ 175 where the sellers could appear. That said, if there is a break up above $ 175, the price could continue to accelerate to $ 180 resistance.
Looking at the chart, the Ethereum price shows positive signs above support levels of $ 165 and $ 162. In the short term, there may be range variations above support of $ 162. If there is an extended correction, the price could test the Fib retracement level of 50% of the recent wave, from the lowest amount at $ 155 to the highest at $ 168. Finally, the price should erase the resistance of $ 170 to test $ 175.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD returned in the bullish zone, with positive signs.
RSI hourly – The RSI for ETH / USD has rebounded above 50 and is currently near level 60.
Major support level – $ 162
Major resistance level – $ 170
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