- Ethereum price corrected lower recently and traded below the $170 support against the US Dollar.
- ETH price is currently trading above the key $161 and $159 support levels.
- There is a major bullish trend line forming with support near $160 on the 4-hours chart (data feed from Coinbase).
- The price is likely to start a fresh increase as long as it is above the $160 support.
Ethereum price is trading in a strong uptrend above $160 against the US Dollar. ETH/USD is likely to revisit $178 and $180 unless the bears push the price below $160.
Ethereum Price Analysis
This past week, there was a solid rise in Ethereum price above the $160 resistance area against the US Dollar. ETH price broke a couple of important resistance levels near $170 and traded to a new yearly.
It traded as high as $179 and settled above the 55 simple moving average (4-hours). Recently, the price started a downside correction below the $175 and $170 levels. Moreover, there was a break below the $165 support.
However, the price remained well bid above $160-$161 and the 55 simple moving average (4-hours). Ethereum is currently rising and trading above the 23.6% Fib retracement level of the recent decline from $179 to $161 low.
On the upside, the first barrier for the bulls is near the $170 level. It coincides with the 50% Fib retracement level of the recent decline from $179 to $161 low.
If ETH price climbs above the $170 resistance area, there is a risk of a sharp increase above the $175 resistance. In the mentioned case, the price may perhaps break the $179 swing high in the near term.
On the downside, there is a major support forming near the $161 and $159 levels. Besides, there a major bullish trend line forming with support near $160 on the 4-hours chart.
A clear break below the $159-$160 support area could start a substantial decline in the coming sessions. The next major support is near the $152 level, below which the price could revisit the $145 zone.
Looking at the chart, Ethereum price is showing a lot of positive signs above the $160 level. Therefore, there are high chances of a fresh increase above $170 as long as there is no close below the $160 support.
Technical indicators
4 hours MACD – The MACD for ETH/USD is currently losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still above the 50 level.
Key Support Levels – $160, followed by the $152 zone.
Key Resistance Levels – $170 and $175.
