Technical Indicators:
Support Levels: $170, $164-165
Resistance Levels: $172, $175, $180
Key Points:
- Ethereum price was able to fund support around $165 and recovered nicely.
- ETH price was able to break above the $170 resistance level.
- There is a bearish pattern being formed with resistance around $172 on the hourly chart.
- The bulls seem quite strong at the moment and Ethereum might soon break above $172, $175 and $180 resistance levels.
Ethereum Price Analysis:
SUMMARY: Ethereum price started trading in a positive momentum yesterday after the sudden surge in the price of bitcoin. ETH is currently trading well above the $170 support level and moving towards testing the $180 resistance.
Ethereum price corrected downwards yesterday, falling below the $170 support level. ETH price even broke below the $168 level and the 100 hourly SMA. Ethereum price tested the $164-165 support level where the bulls were able to regain momentum and turn the price upwards. The buyers were able to push the price above $168 resistance level and the 100 hourly SMA.
Currently, Ethereum price is trading well above the $170 support level and the 100 hourly SMA. There is a minor resistance level around $172 after which the overall momentum shall turn bullish. The next resistance lies around $175 after which Ethereum price might test $180 resistance zone.
Bitcoin price surged to a new yearly high around $6080 yesterday and unsurprisingly other top altcoins also followed bitcoin and surged. Ethereum price gained momentum as soon as the price of bitcoin went above $6000 range. If ETH price corrects downwards, there is strong support formed around $168 and the 100 hourly SMA below which it might test the $164-165 and $160 support levels.
The chart shows that ETH price is currently gaining bullish momentum above the $170 support level. However, it is very essential for Ethereum price to break above the $172 resistance level in the short term in order to move ahead and test the $175 and $180 regions. Ethereum price might also move above the $180 level in the short term if the buyers remain in action.
