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ETH to USD: Ethereum Price Analysis, Turning Bullish?

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Technical Indicators:

Support Levels: $165, $160

Resistance Levels: $170, $175

 

Key Points:

  • Ethereum price moved downwards recently to test the support around $160.
  • The buyers around the support were able to push the price upwards and ETH corrected above $165 resistance level.
  • Ethereum price is currently getting stronger above $165 resistance level and 100 hourly SMA.

 

Ethereum Price Analysis:

Summary: Ethereum price recently tested the $160 support level. However, ETH was able to gain momentum and move above $165 resistance level.

 

Last week, Ethereum price traded in a bearish momentum falling below $170 support level. ETH even moved below $165 support which later turned into a resistance level. However, the buyers around $160 support were able to stop further losses and ETH was able to break through $165 resistance level and settle above the 100 hourly SMA.

 

Currently, Ethereum is trying to break above $170 resistance with nice support at $165. If the buyers are able to gain momentum, Ethereum price might soon move above $170 in order to test the $175 resistance level. The current momentum is bullish, however, ETH might test the $165 support level again before starting to rise upwards. If the support is broken, Ethereum will move towards $160 below which it might turn bearish. On the upside, there is a strong resistance around $170 and $175 levels which might be difficult to break.

 

ETHUSD Price Chart 15 April
ETH/USD Price Chart 15 April

 

The chart whos that Ethereum price is currently trading in a bullish momentum, however, the momentum might turn bearish if ETH moves below $165 support and 100 hourly SMA. On the upside, Ethereum might test the $170 resistance again in order to move towards $175 level. The resistance around these levels is very strong and ETH might crash downwards again.

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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