Ethereum (ETH) Price Showing Positive Signs Above 100 SMA

  • ETH price declined towards the $ 160 support against the US Dollar, where buyers took a stand.
  • The price recently recovered and traded above the $ 165 and $ 166 resistance levels.
  • There was a break above a contracting triangle with resistance at $ 164 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently gaining momentum above $ 165 and it is placed nicely above the 100 hourly SMA.

Ethereum price gained traction from the recent lower versus the US Dollar and bitcoin. ETH is trading with a positive bias above $ 164 and it may continue to rise towards $ 172 and $ 174.

Ethereum Price Analysis

This past week, we saw a major downside correction below the $ 170 support in Ethereum price against the US Dollar. The ETH/USD pair declined below the $ 165 support and tested the next key support at $ 160. Buyers appeared and protected further losses below $ 160. A support base was formed and recently the price recovered above the $ 165 resistance. There was a break above the 23.6% Fib retracement level of the last decline from the $ 185 high to $ 160 low.

More importantly, there was a break above a contracting triangle with resistance at $ 164 on the hourly chart of ETH/USD. The pair also settled above the $ 165 resistance and the 100 hourly simple moving average. The price tested the $ 170 level and it is currently placed nicely above the $ 165 level. An immediate resistance is near the $ 172 level. It represents the 50% Fib retracement level of the last decline from the $ 185 high to $ 160 low. If there are further gains, the price could test the $ 174 resistance area (the previous support).

The current price action is positive and if there is a minor decline, the price could test the $ 165 support. The 100 hourly SMA and the $ 165 support area likely to act as a strong buy zone. Below $ 165, the price could revisit the $ 160 swing low. On the upside, a clear break above the $ 174 level is must for a push towards $ 182 and $ 185.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is showing positive signs above the $ 165 level and the 100 hourly SMA. As long as the price stays above $ 165, there are chances of more gains above the $ 172 and $ 174 resistance levels in the coming sessions. However, there could be a strong selling interest near the $ 172 or $ 174 resistance, and the price might correct lower again.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 60 level, with a bullish angle.

Major Support Level – $ 165

Major Resistance Level – $ 174

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