Ethereum is slowly moving higher and trading above $155 against the US Dollar. ETH price is likely approaching a crucial bullish break if it clears the $160 and $162 resistance levels.
- Ethereum is grinding higher and showing positive signs above the $155 level.
- The bulls are likely to face a strong selling interest near $160 and $162.
- This week’s two bearish trend lines are active with resistance near $160 and $162 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair must surpass both trend lines and $164 for a convincing bullish break in the near term.
Ethereum Price Approaching Next Key Break
In the past three sessions, there was a decent recovery in Ethereum above the $155 resistance against the US Dollar. ETH price managed to settle nicely above the $155 pivot level and the 100 hourly simple moving average.
The upward move was such that the price tested the first major hurdle near the $160 level. However, this week’s two bearish trend lines are active with resistance near $160 and $162 on the hourly chart of ETH/USD.
The first trend line acted as a key barrier for the bulls and protected more upsides above $160. A high is formed near $160 and Ethereum price corrected below the 23.6% Fib retracement level of the upward move from the $148 low to $160 high.
On the downside, the previous resistance near $155 and the 100 hourly simple moving average are currently providing support. Besides, the 50% Fib retracement level of the upward move from the $148 low to $160 high is also near $155.
To start a strong rally, the bulls need to push the price above both trend lines and $164. A successful follow through above the $164 and $165 resistance levels may perhaps initiate a solid upward move. The next key hurdle is visible near the $175 resistance level.
Breakdown Zone
On the downside, there is a crucial support forming near the $155 level and a connecting bullish trend line on the same chart. If Ethereum fails to stay above the $155 and $154 support levels, it could turn bearish.
An immediate support is near the $150 level, below which the bears are likely to aim a test of the $145 support area in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining strength in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently just above the 50 level.
Major Support Level – $154
Major Resistance Level – $162
Image from unsplash