Technical Indicators:
Support Level: $170
Resistance Level: $175
Key Points:
- As we discussed yesterday, Ethereum price started a downward correction to test the $165 support level.
- ETH later recovered upwards and was able to break through $170 resistance level.
- The previous resistance of $170 has now turned into support and a bullish pattern is being formed at this support on the hourly chart.
- Ethereum price will most likely break through $175 support in the short term to test $180 resistance level.
Ethereum Price Analysis:
Summary: Ethereum price is getting stronger in order to break through $175 resistance zone. The current momentum seems bullish and ETH might soon move above $180.
Ethereum price corrected downwards recently after rising up to $178. The sellers pushed the price below $170 support which later turned into strong resistance. ETH tested the $165 support level where a lot of buyers emerged and pushed the price upwards and stop further losses. Buyers were able to push the price over $170 resistance zone to push ETH back into a bullish zone. ETH was also able to close above the 100 hourly SMA and $170 level.
The current momentum is quite bullish and Ethereum price might soon break above $175 resistance level to test $180 and $190 levels. There is a bullish pattern formed with support around $170 on the hourly chart which might spike the price upwards.
The chart shows that Ethereum price is currently trading in a bullish momentum above $170 support level. The current movement suggests a break above $175 resistance zone and moving towards $180 and $185 levels.
