EagleFX

Ethereum price traded above the $165.00 level recently and later corrected lower. ETH/USD is currently consolidating and likely preparing for the next move.

  • Ethereum price is following a bullish path above the $152.00 support area.
  • ETH/USD is trading above a key bullish trend line with support at $155.50 on the 30-minute chart.
  • The price may trade in a range before the next break either above $165.00 or below $152.00.

Ethereum ETH Price

Ethereum Price Analysis

After testing the $150.00 support, Ethereum price started a fresh upward move. ETH traded above the $152.00 and $160.00 resistance levels, with a positive angle.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair even traded above the $165.00 level and the 25 simple moving average (30-min). A couple of swing highs are formed at $167.00 and $165.86 before the price started a downside correction.

It recently broke the $160.00 support and the 50% Fib retracement level of the last wave from the $152.59 low to $165.86 high. There was also a close below the $160.00 level and the 25 simple moving average (30-min).


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However, the decline was protected by the $157.50 level and the 61.8% Fib retracement level of the last wave from the $152.59 low to $165.86 high.

The price is currently trading in a range near the $160.00 level and it seems like it is preparing for the next move. On the upside, there is a strong resistance near the $165.00 and $167.00 levels. If there is a successful break above $167.00, the price may accelerate towards the $175.00 and $180.00 levels.

On the downside, an initial support is at $157.50, followed by $155.00. There is also a key bullish trend line with support at $155.50 on the same chart. If there is a break below the trend line support, the price may test the $152.50 swing low.

Overall, Ethereum price is trading nicely above the $152.50 and $155.50 support levels. However, ETH must move past the $165.00 and $167.00 levels to set the stage for more upsides in the near term.

The market data is provided by TradingView, Bitfinex.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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