Ethereum price recovered recently, but upsides were capped near $160.00. ETH/USD must stay above the $153.50 support to bounce back in the near term.

  • Ethereum price struggled once again to clear the $162.00 resistance zone.
  • ETH/USD is following a major ascending channel with support at $154.10 on the 30-minute chart.
  • The price may bounce back if there is no close below the $153.50 support.

Ethereum ETH Price

Ethereum Price Analysis

After trading as low as $146.00, Ethereum price recovered nicely above the $150.00 and $154.00 resistance levels. ETH even moved above the $160.00 level, but it faced a strong selling interest near the $162.00 level.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair even traded as high as $162.71 and later started a downside correction. It declined below the $160.00 level, but it is still above the 25 simple moving average (30-min).

During the decline, the price broke the 23.6% Fib retracement level of the recent recovery from the $146.00 low to $162.71 high. On the downside, there is a strong support waiting near the $153.50 level and the 25 SMA.

More importantly, there is a major ascending channel formed with support at $154.10 on the same chart. The channel support is also close to the 50% Fib retracement level of the recent recovery from the $146.00 low to $162.71 high.

Therefore, the $153.50 and $154.10 levels are likely to act as strong buy zones in the near term. If buyers fail to keep the price above the $153.50 support and the 25 SMA, there could be heavy declines below the $150.00 support.

On the other hand, if there is a decent reaction near the $153.50 support, the price will most likely climb higher. However, buyers need to clear the $160.00, $162.00 and $165.00 resistance levels to place the price back in a positive zone.

To sum up, Ethereum price remains at a risk of more losses until there is a close above the $162.00 and $165.00 resistances. The main supports on the downside are at $153.50, $152.00 and $150.00.

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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