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 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.
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).
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.