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The price of Ethereum has been recovered recently, but the best prices have been closed at around $ 160.00. The ETH / USD must remain above the support of $ 153.50 to rebound in the short term.
- The price of Ethereum struggled once again to clear the resistance zone of $ 162.00.
- ETH / USD is following a major uptrend channel with support for $ 154.10 on the 30-minute chart.
- The price can rebound if there is a closing below the support of $ 153.50.
Price analysis of Ethereum
After trading at $ 146.00, the price of Ethereum has recovered well beyond the $ 150.00 and $ 154.00 resistance levels. ETH also moved above the $ 160.00 level, but met strong selling interest near the $ 162.00 level.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair is even quoted at $ 162.71 and subsequently started a downward correction. It has fallen below the $ 160.00 level, but is still above the 25-minute (30-minute) moving average.
During the decline, the price broke the Fib retracement level to 23.6% of the recent recovery from $ 146.00 low to $ 162.71 high. On the downside, there is strong support waiting near the $ 153.50 level and at the 25th SMA.
More importantly, there is a major ascending channel formed with support for $ 154.10 on the same chart. Channel support is also close to the 50% Fibra retracement level of the recent recovery from $ 146.00 down to $ 162.71 up.
Therefore, the levels of $ 153.50 and $ 154.10 could act as strong short-term buying zones. If buyers can not keep the price above the support of $ 153.50 and the SMA 25, there may be heavy declines below the $ 150.00 support.
On the other hand, if there is a decent reaction near the support of $ 153.50, the price will most likely rise higher. However, buyers must cancel the $ 160.00, $ 162.00 and $ 165.00 resistance levels to bring the price back into a positive zone.
To summarize, the price of Ethereum remains at risk of further losses until there is a closing above the resistances of $ 162.00 and $ 165.00. The main supports on the negative side are at $ 153.50, $ 152.00 and $ 150.00.
Market data is provided by TradingView, Bitfinex.
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