HomeAltcoin NewsEthereum Price Analysis: ETH Likely To Start Fresh Increase

Ethereum Price Analysis: ETH Likely To Start Fresh Increase

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  • Ethereum price is currently correcting lower from the $191 swing high against the US Dollar.
  • ETH price is trading below the $175 support, but it is likely to find bids near $163 and $160.
  • There is a major bullish trend line forming with support near $160 on the 4-hours chart (data feed from Coinbase).
  • The price could climb back above $175 as long as it is above the $160 support area.

Ethereum price is correcting gains after a strong rally to $190 against the US Dollar. ETH/USD is now approaching a couple of key supports near $163 and $160.

Ethereum Price Analysis

After forming a support base above $150, Ethereum price started a strong rally against the US Dollar. ETH price broke the $160 and $165 resistance levels to move into a positive zone.

The price even surged above $180 and settled above the 55 simple moving average (4-hours). The price traded to a new monthly high at $191 and recently started a downside correction.

There was a break below the $184 and $180 levels. The price even traded below the $175 support level, plus the 23.6% Fib retracement level of the last key rise from the $148 swing low to $191 high.

It tested the $170 support and the 55 simple moving average (4-hours). The 50% Fib retracement level of the last key rise from the $148 swing low to $191 high is also acting as a strong support base. The next key support is visible near the $165 and $163 levels.

Moreover, there is a major bullish trend line forming with support near $160 on the 4-hours chart. If Ethereum fails to stay above the $163 support and the trend line, it could continue to decline and likely to turn bearish in the near term.

Conversely, the price might bounce back from the $165 support or the trend line support. On the upside, an initial resistance is near the $175 level (the recent key support). The main hurdle is near the $180 level, above which it could rally above the $185 and $190 levels.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly approaching many important supports, staring with $170 and up to $160. As long as there is no close below the $160 support, there are chances of a strong bounce.

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 correcting higher towards the 50 level.

Key Support Levels – $163, followed by the $160 zone.

Key Resistance Levels – $175 and $180.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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