Technical Indicators:
Support Level: $165
Resistance Level: $172, $175
Key Points:
- Ethereum price is supported well on the downside at around $165 which helped in the recent recovery.
- The resistance around $172 is proving to be a hurdle for ETH to rise, despite the massive surge in the price of bitcoin.
- ETH was able to break through the bearish pattern line that was being formed on the hourly chart yesterday with resistance around $168.
- Ethereum price might soon test the $172 and $175 resistance levels in the short term
Ethereum Price Analysis:
SUMMARY: Ethereum price is currently trading within a range above $165 support level. However, the overall momentum is quite positive against the USD. ETH might soon move over the $172 and $175 resistance levels.
From the past few days, Ethereum price has been struggling to move above the $172 resistance zone. After testing this level, ETH price recently fell towards the $164-165 support level where buyers emerged and stopped further losses. Afterward, Ethereum price was able to break through $170 resistance level again, however, could not clear above the $172 resistance and corrected downwards towards $165 support again.
Recently, Ethereum price moved back above the $168 level and the 100 hourly SMA. Also, ETH was able to break through the bearish pattern line which was being formed on the hourly chart yesterday, with resistance around $168. However, currently, Ethereum is trading within a short range below the $172 resistance level which is proving to be a strong hurdle for ETH. There are chances that ETH might fall towards $165 support level before a fresh rise could start.
It is very essential for Ethereum price to break above the $172 resistance level in order to move towards the more major resistance levels which are $175 and $180. Currently, there is minor support around $167 and the major support around $165.
The chart shows Ethereum price is currently trading within a short range below $172 resistance level. If we consider the recent surge in the price of Bitcoin, it will not be unsurprising if Ethereum follows BTC and quickly moves over the $172, $175 and $180 resistance levels to target $185, $190 and $200 levels in the short term.
