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ETH to USD: Ethereum Price Analysis, Off to $200 today?

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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.

ETHUSD Price Chart 23 April
ETH/USD Price Chart 23 April

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.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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Price Analysis of BTC, ETH, XRP, LTC, BCH: 20th September

This week has been a journey for every cryptocurrency that will be considered as a big one for this...

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