- The price of ETH has begun steady growth above resistance levels of 158 and 160 dollars against the US dollar.
- The price is trading above $ 165 and recently corrected below $ 165.
- On the 4-hour ETH / USD chart (data feed from Kraken), there is a serious contract triangle with resistance around $ 167.
- It is likely that the pair will soon rise above the level of 170 or even 180 dollars.
The price of Ethereum remains in a decent uptrend against the US dollar, but in a downward trend against bitcoins. ETH is struggling to follow BTC growth, but may soon rise higher.
Weekly price analysis of Ethereum
Last week, the price of Ethereum formed a decent support base above $ 150 against the US dollar. The ETH / USD pair began an upward movement after the bitcoin price began a strong increase above $ 5,500. There was a strong wave above the resistance levels of $ 155 and $ 156. The price even surpassed the level of $ 160 and set above a simple moving average of 100 (4 hours). Bulls pushed the price to the level of $ 170, where sellers appeared.
As a result, there was a downward correction below 166 and 165 dollars. The 50% Fibonacci retracement of the last wave from the minimum of $ 154 was broken through. To a maximum of $ 169. The price of the air tested the support area of $ 158-160, where the bulls protected more losses. It seems that the Fibonacci retracement level of 76.4% of the last wave from the minimum of $ 154 made a support. To a maximum of $ 169. More importantly, the price is still above $ 160 and 100 simple moving averages (4 hours).
On the 4-hour ETH / USD chart, there is also a large contract triangle with resistance of about $ 167. If there is a breakthrough up above the levels of 165 and 166 dollars, the price will most likely rise to the levels of 169 and 170 dollars. Above the high of $ 170, the price is likely to rise to $ 180. On the other hand, if there is a breakthrough down support level below 158 dollars, the price may start another fall to 150 dollars.
The diagram above shows that Ethereum is trading above several important supports around $ 158. In addition, as long as the price is above 100 SMA, the chances of a breakthrough are higher than 170 and 172 dollars. The main target for bulls may be $ 180, where sellers are likely to defend the move to a level of $ 200.
Technical Indicators
4 hours MACD – MACD for ETH / USD is currently moving slowly in a bearish zone.
4 hours RSI – RSI for ETH / USD has recently risen above level 50 with a positive angle.
Main support level – $ 158
Primary resistance level – $ 166
