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Ethereum price jumped above the $162.00-163.00 resistance area. ETH price even settled above the $165.80 resistance and it could continue to move higher towards $172.50 or $174.00.

  • Ethereum price started a strong rebound after trading to a new weekly low at $156.42.
  • There was a break above a major bearish trend line with resistance at $165.80 on the 30-minute chart.
  • ETH is positioned nicely above the $166.00 level and it may climb towards $170.80 or $172.50.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

Earlier this week, we saw a strong drop in Ethereum price below the $162.00 support area. ETH traded to a new weekly low at $156.42 and recently started a strong rebound. Yesterday’s highlighted key resistance area near $162.00-163.00 was breached to start a decent upward move.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair settled above the $163.00 level and 25 simple moving average (30-min). There was a break above the 61.8% Fib retracement level of the last major decline from the $170.78 high to $156.42 low.

Besides, there was a break above a major bearish trend line with resistance at $165.80 on the same chart. Finally, the price climbed above the $167.50 level and the 76.4% Fib retracement level of the last major decline from the $170.78 high to $156.42 low.


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The current price action is positive and it seems like the price may extend gains towards the $170.78 high or even $172.50. The next key resistance is near the $174.20 level since it coincides with the 1.236 Fib extension level of the last major decline from the $170.78 high to $156.42 low.

On the downside, an initial support is near the $166.00 level and the 25 simple moving average (30-min). There is also a key bullish trend line forming with support at $165.20 on the same chart.

Therefore, if Ethereum price dips from the current levels, it could find a strong support near $165.00. The main support is at $162.50, which could once again act as a strong buy zone. On the upside, the bulls may target $172.50 or $174.20 in the short term.

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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