Ethereum price formed a solid support base near $162.00 and recently climbed higher. ETH broke the $168.50 resistance and it seems like there could be more gains.

  • Ethereum price started a decent rebound and broke the $166.00 and $168.50 resistances.
  • A short term bullish trend line is forming with support at $167.50 on the 30-minute chart.
  • ETH is likely to face a strong resistance near the $173.50 or $176.00 resistances.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

This past week, there was a downside correction in Ethereum price below the key $176.00 support. ETH price tested the $160.00 support and later started consolidating losses above the $160.00 and $162.00 support levels.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair traded in a range for a few sessions and recently recovered above the $164.00 and $165.00 resistances. There was even a close above the $166.00 level and the 25 simple moving average (30-min).


There was a break above the 23.6% Fib retracement level of the last drop from the $186.92 high to $160.20 low. The price also moved above the $170.00 level and it is currently consolidating recent gains.

On the upside, a break above the $170.00 level could push the price towards the $173.50 level and the 50% Fib retracement level of the last drop from the $186.92 high to $160.20 low. Above $173.50, the price is likely to climb towards the key $176.00 resistance (the previous support).

If there is a fresh downside correction, the price could find support near the $168.50 level. There is also a short term bullish trend line is forming with support at $167.50 on the same chart.

A downside break below the trend line support and $166.00 might push the price back in a bearish zone towards the $162.00 support area. The main support is at $160.00, below which the price could test $155.00.

Overall, there are bullish signs emerging and it seems like bitcoin, Ethereum, litecoin, cardano and bitcoin cash might continue to move higher. The main support for ETH buyers is at $166.00 for more gains above $170.00 and $173.50.

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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