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US dollar and bitcoin. ETH / USD remains in a solid uptrend and may continue to rise for $ 170.00.
Key Highlights
The price is higher than $ 160.00 against the US dollar.
ETH / USD is following a couple of bullish trendlines, with support at $ 150.00 on the 6-hour chart.
ETH / BTC broke the 0.0400BTC resistance and may continue to rise toward 0.0420BTC.
Technically, the 6-hour chart is placed nicely in the bullish territory.
Ether Price Analysis
Yesterday, we discussed more gains in ETH / USD above the $ 155.00 resistance. The pair broke the $ 160.00 resistance and the $ 161.35 swing high to trade to the new year high at $ 163.57.
ETH / BTC also extended gains and broke the 0.0380BTC and 0.0400BTC resistance levels. The pair is trading with a positive bias and may be accelerated towards the 0.0420BTC resistance.
Looking at the 6-hour chart of ETH / USD, the pair is clearly following a decent uptrend from the $ 80.00 and $ 90.00 support levels. $ 120.00 and $ 140.00 resistance levels, opening doors for $ 165.00 and $ 170.00.
Recently, Ether struggled to gain above the $ 160.00 barrier and later corrected to few points. However, losses were contained near $ 140.00; later, the price bounced back above $ 150.00. On the downside, there are a couple of bullish trendlines formed, with supports near $ 150.00, $ 140.00, and $ 138.00.
The main support is near the $ 132.00 level, where buyers are likely to emerge if the price declines below $ 150.00 and $ 140.00. To the topside, there is a connecting resistance trend in place at $ 165.00, above which the price may accelerate gains towards the $ 170.00 and $ 175.00 levels.
Moving to the hourly chart of ETH / USD, the pair seems to be consolidating gains above the $ 155.00 support. The overall price action is positive above $ 155.00 and $ 150.00. Should the buyer become clearing the $ 165.00 resistance, the price could continue to rise in the short term.
Important Resistance Levels
$ 163.00 and $ 165.00
Important Support Levels
$ 155.00 and $ 150.00
Hourly RSI
The RSI is currently consolidating near the 60 level.
Hourly MACD
The MACD is placed heavily in the bullish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and information analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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