- Ethereum price is gaining momentum above the $169 resistance level against the US Dollar.
- ETH is likely to surge higher once there is a break above the $176 and $178 resistance levels.
- There is a crucial bearish trend line formed with resistance at $176 on the 4-hours chart (data feed from Coinbase).
- The price remains well supported on the downside near the $169 and $168 levels.
Ethereum price is likely setting up for a huge break against the US Dollar. ETH could rally significantly once it clears the $176 and $178 resistance levels in the near term.
Ethereum Price Analysis
This past week, Ethereum price corrected a few points below the $170 support against the US Dollar. The ETH/USD pair even broke the $160 support level and the 55 simple moving average (4-hours). The price tested the key $155-156 support area and later bounced back above $160. There was a steady rise above the $170 and $172 levels. The bulls even cleared the $175 resistance and the 55 simple moving average (4-hours). A swing high was formed at $178 and the price recently corrected lower.
It broke the $172 level and the 23.6% Fib retracement level of the last move from the $156 swing low to $178 high. However, the $167 level acted as a strong support. It represents the 50% Fib retracement level of the last move from the $156 swing low to $178 high. The price is now recovering and trading nicely above $172 and 55 simple moving average (4-hours). On the upside, there is a crucial bearish trend line formed with resistance at $176 on the 4-hours chart.
A convincing break above the trend line and $178 resistance is likely to start a strong upward move. In the mentioned case, the price could rally towards the $185 and $188 resistance levels. Finally, there are chances of a new 2019 high above the $188 level in the near term. Conversely, if there is a downside break, the price could clear the $168 support. The next major support is at $164, below which the price may slide to $160.
Looking at the chart, Ethereum price is trading nicely above the $172 support. The current technical structure is very bullish, suggesting an upside break above the $176 and $178 resistance levels. There was also a strong rise in bitcoin price today, which increases chances of a strong wave in ETH above $178.
Technical indicators
4 hours MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently above the 55 level and is moving higher.
Key Support Levels – $168, followed by the $160 zone.
Key Resistance Levels – $176 and $188.
