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.
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.
