Ethereum price corrected lower recently and traded below the 0 support against the US Dollar.ETH price is currently trading above the key 1 and 9 support levels.There is a major bullish trend line forming with support near 0 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 0 support.Ethereum price is trading in a strong uptrend above 0 against the US Dollar. ETH/USD is likely to revisit 8 and 0 unless the bears push the price below 0.Ethereum Price AnalysisThis past week, there was a solid rise in Ethereum price above the 0 resistance area against the US Dollar. ETH price broke a couple of important resistance levels near 0 and traded to a new yearly.It traded as high as 9 and settled
Topics:
Aayush Jindal considers the following as important: Altcoin News, ETH, Ethereum, News, Trading
This could be interesting, too:
Emily John writes GRVT Launches Alertatron Trading Event and Airdrop Before TGE
Bilal Hassan writes Coinbase Expands in Nigeria with Onboard Global Partnership
Guest User writes XRP Price Faces Potential Drop: Leading KOL Warns of Imminent Correction with TD Sequential Sell Signal!
Bilal Hassan writes Bitget Expands in South Africa with Callpay Integration
- 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.
Ethereum Price
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.