Ethereum price rallied above the $160.00 and $170.00 resistance levels. The crypto market is gaining bullish momentum, with strong gains in bitcoin, ETH, XRP, BCH and LTC.

  • Ethereum price surged more than 20% above the $160.00 and $170.00 resistances.
  • There is a strong bullish trend line formed with support at $164.50 on the 30-minute chart.
  • ETH recently tested the $165.00 support area and it could now bounce back above $170.00.

Ethereum Price

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Ethereum Price Analysis

The recent rise in bitcoin price above the $5,000 resistance helped Ethereum in gaining traction above the key $155.00 and $160.00 resistance levels. ETH is up more than 20% and it broke the $170.00 resistance level.

Ethereum Price Analysis ETH Chart

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Looking at the 30-minute chart of ETH/USD, the pair cleared the $150.00 resistance level and settled above the 25 simple moving average (30-min) to start a solid uptrend. Buyers were in full control, resulting in a break above the $160.00 and $170.00 resistance levels.

The price even spiked above the $175.00 level and traded to a new multi-month high at $177.66. Later, there was a sharp downside correction below the $175.00 and $170.00 levels.


During the recent slide, the price traded below the 23.6% Fib retracement level of the recent rally from the $149.23 low to $177.66 high. However, the price found a strong support near the $162.50 level.

Besides, the 50% Fib retracement level of the recent rally from the $149.23 low to $177.66 high acted as a support. More importantly, there is a strong bullish trend line formed with support at $164.50 on the same chart.

Therefore, Ether price is likely to bounce back above the $170.00 level as long as it is trading above the $162.50 and $165.00 support levels. On the upside, the main hurdles for buyers are near $172.00 and $175.00. Above these, the price is likely to break the recent high at $177.66 and trade past $185.00.

Overall, Ethereum is placed nicely in an uptrend and if there is a downside correction, buyers are likely to take a stand near the $162.50 or $160.00 support levels.

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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