Technical Indicators:
Support Level: $170
Resistance Level: $180
Key Points:
- Ethereum price started a bullish momentum after testing the $160 support region yesterday rising more than 10% in the last 24 hours.
- The massive buying pressure led to ETH break through the $165 and $170 resistance levels.
- Ethereum price was also able to break through the bearish pattern which was being formed with resistance around $163 on the hourly chart yesterday.
- A new weekly high is formed around $180 for Ethereum price.
Ethereum Price Analysis:
SUMMARY: Ethereum price gained bullish momentum against both USD and BTC. ETH will most likely break above the $180 and $192 resistance levels soon to test $200 level.
Ethereum price showed bullish moves yesterday after falling below the $165 support level to test $160 level against the USD. The bulls started to act once Ethereum price reached $160 level and quickly pushed the price above $165 resistance level. ETH was able to close above this resistance level and the 100 hourly SMA which opened the doors for further gains.
The massive buying pressure also led to Ethereum price breaking above the bearish pattern which was being formed yesterday with resistance around $163 on the hourly chart. The bulls gained momentum and even pushed the price above $170 and $175 resistance levels to create a new weekly high around $180. Currently, Ethereum price is correction a few points downwards below $180 resistance zone. However, it is well supported around $175, $170 and $165, therefore, a new bullish movement is foreseen.
The previous resistance around $170 has now turned into a major support level. If Ethereum price is able to break above $180 resistance level, it will lead to ETH testing the $190 and $200 levels soon. The overall momentum seems quite bullish and therefore there are high chances that Ethereum might soon break above the following resistances. On the downside, however, below the $170 support level, ETH is well support at $165 and $160.
The chart shows that Ethereum is currently trading in a bullish momentum after surging upwards sharply from the $160 support level. ETH might soon break above $180 resistance level and the buyers are targeting the $200 level in the short term.
