Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum is slowly moving higher and trading above $155 against the US Dollar. ETH price is likely approaching a crucial bullish break if it clears the $160 and $162 resistance levels.
- Ethereum is grinding higher and showing positive signs above the $155 level.
- The bulls are likely to face a strong selling interest near $160 and $162.
- This week’s two bearish trend lines are active with resistance near $160 and $162 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair must surpass both trend lines and $164 for a convincing bullish break in the near term.
Ethereum Price Approaching Next Key Break
In the past three sessions, there was a decent recovery in Ethereum above the $155 resistance against the US Dollar. ETH price managed to settle nicely above the $155 pivot level and the 100 hourly simple moving average.
The upward move was such that the price tested the first major hurdle near the $160 level. However, this week’s two bearish trend lines are active with resistance near $160 and $162 on the hourly chart of ETH/USD.
The first trend line acted as a key barrier for the bulls and protected more upsides above $160. A high is formed near $160 and Ethereum price corrected below the 23.6% Fib retracement level of the upward move from the $148 low to $160 high.
On the downside, the previous resistance near $155 and the 100 hourly simple moving average are currently providing support. Besides, the 50% Fib retracement level of the upward move from the $148 low to $160 high is also near $155.
To start a strong rally, the bulls need to push the price above both trend lines and $164. A successful follow through above the $164 and $165 resistance levels may perhaps initiate a solid upward move. The next key hurdle is visible near the $175 resistance level.
Breakdown Zone
On the downside, there is a crucial support forming near the $155 level and a connecting bullish trend line on the same chart. If Ethereum fails to stay above the $155 and $154 support levels, it could turn bearish.
An immediate support is near the $150 level, below which the bears are likely to aim a test of the $145 support area in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining strength in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently just above the 50 level.
Major Support Level – $154
Major Resistance Level – $162
Image from unsplash
