- ETH price corrected lower and tested the $165-166 support area against the US Dollar.
- The price bounced back and recently broke the $169 and $170 resistance levels.
- There is a key ascending channel in place with support at $170 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to accelerate higher and it could soon break the $175 and $176 resistance levels.
Ethereum price is holding the ground versus the US Dollar and bitcoin. ETH seems to be following a bullish path and it may accelerate above the $175 resistance in the near term.
Ethereum Price Analysis
Recently, we saw a sharp downside correction in Ethereum price from the $178 swing high against the US Dollar. The ETH/USD pair broke the $170 support level and traded close to the $165 support area. A swing low was formed at $166 and the price bounced back in the past three sessions. There was a break above the $169 and $170 resistance levels, pushing the price back in a positive zone. The price even settled above the $170 level and the 100 hourly simple moving average.
The bulls pushed the price above the 50% Fib retracement level of the last decline from the $178 high to $166 low. The price traded close to the $174 level, where sellers emerged. Besides, the price tested the 61.8% Fib retracement level of the last decline from the $178 high to $166 low. At the moment, there is a key ascending channel in place with support at $170 on the hourly chart of ETH/USD. The pair seems to be trading nicely above the $170 level and the 100 hourly SMA.
As long as the price is above the $169 and $170 support levels, there could be more gains in the near term. On the upside, a break above the $175 resistance is likely to open the doors for more gains. The next stop for the bulls could be $180, where sellers might appear. On the other hand, a break below the $169 pivot level may push the price back towards the $166 level.
Looking at the chart, Ethereum price is trading with a positive bias above the $169 and $170 support levels. The current price action indicates an extended upward move above the $174 level. Once buyers gain pace above $175, there could be a sharp rally towards the $180 and $182 levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to gain strength in the bullish zone, with positive signs.
Hourly RSI – The RSI for ETH/USD is currently placed nicely above the 50 level, with a bullish angle.
Major Support Level – $169
Major Resistance Level – $175
