- Ethereum price is rising again from the key $160 support area against the US Dollar.
- ETH price is currently trading above the $165 and $170 resistance levels.
- There was a break above a major bearish trend line with resistance near $160 on the 4-hours chart (data feed from Coinbase).
- The price is likely to continue higher towards the $178 and $185 resistance levels in the near term.
Ethereum price is showing a lot of positive signs above $165 against the US Dollar. ETH/USD bulls are likely aiming a fresh monthly high above $180 in the coming days.
Ethereum Price Analysis
This past week, there was a downside correction in Ethereum price below the $170 and $165 support levels against the US Dollar. ETH price even spiked below the $160 support and the 55 simple moving average (4-hours).
A swing low was formed near $155 before the bulls emerged. As a result, the price climbed back above the $160 level and formed a strong support base. Recently, there was a fresh increase above the $165 resistance.
Besides, there was a break above a major bearish trend line with resistance near $160 on the 4-hours chart. The bulls were able to push the price above the 50% Fib retracement level of the last key decline from the $180 swing high to $155 swing low.
It is now trading nice above $170 and the 55 simple moving average (4-hours). An immediate resistance is near the $174 area. It coincides with the 76.4% Fib retracement level of the last key decline from the $180 swing high to $155 swing low.
If Ethereum climbs above the $174 and $175 levels, it will most likely revisit the $180 resistance level. Having said that, a clear break above the $175 level is likely to set the pace for a larger move above the $180 level.
On the downside, there is a decent support forming near the $165 level and the 55 SMA. If the bulls fail to protect the $165 support, the price is likely to revisit the $160 support level.
Looking at the chart, Ethereum price is trading nicely above the $165 and $170 levels. The current price action suggests high chances of more upsides above the $175 and $180 levels in the near term.
Technical indicators
4 hours MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 50 level, with a positive bias.
Key Support Levels – $170, followed by the $165 zone.
Key Resistance Levels – $175 and $180.
