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.
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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.
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.