- ETH price found support near the $156 level and recently bounced back against the US Dollar.
- The price is currently trading nicely above the $156 and $158 support levels.
- Yesterday’s highlighted declining channel was breached with resistance near the $158 level on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently struggling near $160, above which it could trade towards the $164 level.
Ethereum price is gaining traction versus the US Dollar, but it is struggling against . ETH is likely to climb higher in the near term, but it may struggle near $164-165.
Ethereum Price Analysis
Yesterday, we saw a fresh downside correction in Ethereum price from the $163-164 zone against the US Dollar. The ETH/USD pair corrected lower and broke the $160 support level. However, the 50% Fib retracement level of the upward move from the $150 low to $163 high acted as a support. Besides, the $156 level and the 100 hourly simple moving average also prevented losses. There was a false spike, but the price quickly bounced back above $158.
More importantly, was breached with resistance near the $158 level on the hourly chart of ETH/USD. The pair broke the 50% Fib retracement level of the recent decline from the $163 high to $154 swing low. As a result, the price is now trading with a positive bias above $158. An immediate resistance is near the $160 level. It coincides with the 61.8% Fib retracement level of the recent decline from the $163 high to $154 swing low. If there is an upside break above the $160 resistance, the price is likely to climb towards the $163-164 zone.
On the downside, the main support is near the $156 level and the 100 hourly SMA. If there is a proper close below the 100 hourly SMA, the price may decline towards the $154 or $150 support levels. bitcoin price is currently up more than 3%, but it seems like ETH price is struggling to gain pace above the $160 and $161 resistance levels.
Looking at the , Ethereum price is currently placed in a positive zone above $158, but it must gain traction above $160. The next stop for the bulls could be near $164 or $165. If there are further gains, there are chances of a sharp rally towards the $170 or $172 resistance level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone, with positive signs.
Hourly RSI – The RSI for ETH/USD is now placed well above the 50 level, with a bullish angle.
Major Support Level – $156
Major Resistance Level – $164
Published at Fri, 03 May 2019 04:08:07 +0000
