Key Highlights
- ETH price corrected lower recently and tested the $147-148 support against the US Dollar.
- There is a crucial bullish trend line formed with support at $148 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is placed nicely in a bullish zone above $145 and it may continue to rise in the near term.
Ethereum price is consolidating recent gains against the US Dollar and bitcoin. ETH/USD may soon break the $160 resistance and continue to move higher.
Ethereum Price Analysis
Recently, there were bullish moves in ETH price above the $145 support against the US Dollar. The ETH/USD pair traded above the $150 and $154 resistance levels to move into a bullish zone. It even spiked above the $160 level and traded as high as $160.12. Later, it started a downside correction and traded below the $157 support. It also moved below the 23.6% Fib retracement level of the last wave from the $147 low to $160 high.
However, there are many supports on the downside near $154 and $150. Moreover, there is a crucial bullish trend line formed with support at $148 on the hourly chart of ETH/USD. The 50% Fib retracement level of the last wave from the $147 low to $160 high is an intermediate support at $154. Lastly, the 100 hourly simple moving average is also placed near the $151 level. Therefore, there are many supports, starting with $154 and ending with $145. The price is likely to move higher if buyers gain traction above $157 and $160. The next major resistance for buyers is near $165, which is the last major swing low.
Looking at the chart, ETH price is may consolidate in the short term above $145. However, once there is a break and close above $160, there could be heavy gains.
Hourly MACD – The MACD is slightly placed in the bullish zone.
Hourly RSI – The RSI is currently placed above the 50 level.
Major Support Level – $148
Major Resistance Level – $160
