[ad_1]
Key Highlights
- ETH price above the $ 146 support and later recovered against the US Dollar.
- There is a connecting bearish trend line with resistance at $ 154 on the hourly chart of ETH / USD (data feed via Kraken).
- If you want to clear the $ 154 and $ 155 resistance levels in the near term.
The US Dollar is bitcoin. ETH / USD is likely to move higher as long as it is above $ 146.
Ethereum Price Analysis
After testing the $ 159-160 resistance, ETH price started to downside correction against the US Dollar. The ETH / USD pair declined below the $ 156, $ 155 and $ 150 support levels. There was a test of the $ 146 support area, where buyers emerged. Later, the price started at $ 150 level. There was a break above the $ 152 level and the 100 hourly simple moving average. Moreover, the price cleared the 23.6% Fib retracement level of the recent decline from the $ 160 high to $ 146 low.
However, there is a strong resistance formed near $ 154-155. Besides, there is a connecting bearish line with resistance at $ 154 on the hourly chart of ETH / USD. An initial resistance is near the $ 153 zone. It represents the 50% Fib retracement level of the recent decline from the $ 160 high to $ 146 low. If there is a break above the $ 153 level, the price may climb towards the $ 157 level. It is close to the $ 156.50 pivot level and the 76.4% Fib retracement level of the recent decline.
Looking at the chart, ETH price is clearly holding the $ 146 support very well. In the short term, there could be moves above $ 146 and $ 148 before an upside break. A proper close above $ 154 and $ 157 is needed for an upside acceleration. On the downside, the main support is $ 150 and $ 146.
Hourly MACD – The MACD for ETH / USD is back in the bullish zone, suggesting a nice upward move.
Hourly RSI – The RSI for ETH / USD is now well above the 50 level, with a flat bias.
Major Support Level – $ 146
Major Resistance Level – $ 154
Source link
