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Ethereum Price Approaching Key Hurdle But Can Bulls Make It?

Altcoins 2020/04/14 06:38 by Aayush Jindal
Ethereum is currently correcting higher from the $148 monthly low against the US Dollar. ETH price is now facing a couple of key hurdles near the $158, $162 and $164 levels. Ethereum is slowly recovering higher after trading as low as $148. The price is trading above the $152 level, but the bulls are facing a lot of hurdles. Yesterday’s followed two bearish trend lines are active with resistance near $160 and $164 on the hourly chart of ETH/USD (data feed via SimpleFX). The pair could only turn bullish once it clears the $164 resistance and settle above $165. Ethereum Price Testing 100 Hourly SMA After settling below the $160 level, Ethereum started a fresh bearish wave against the US Dollar. ETH price broke the $155 support to move further into a short term bearish zone. Besides, there was a break below the $150 level and settled below the 100 hourly simple moving average. The price traded to a new monthly low at $148 and it is currently correcting higher. It broke the $152 resistance level to start a correction. Ethereum surpassed the 50% Fib retracement level of the key drop from the $164 swing high to $148 low. However, the price is now facing a couple of hurdles near the $156-$157 area. The 61.8% Fib retracement level of the key drop from the $164 swing high to $148 low is also likely to act as a key hurdle. More importantly, yesterday’s followed two bearish trend lines are active with resistance near $160 and $164 on the hourly chart of ETH/USD. Ethereum Price If there is a break above the 100 hourly SMA, the price might test the upper trend line. A successful close above the $164 and $165 resistance levels is needed for a clear direction. The next key resistance is near the $175 level. Any further gains could lead the price towards the $185 and $188 levels. Dips Supported? If Ethereum fails to continue above the 100 hourly SMA or the $160 resistance, there are chances of another bearish reaction. On the downside, an initial support is near the $152 level and a connecting bullish trend line on the same chart. There is also a key support forming near the $145 area (as discussed in the weekly analysis). If the bulls fail to hold the $145 support area, there is a risk of more losses towards the $132 and $130 levels. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone. Hourly RSI – The RSI for ETH/USD is currently rising and it is above the 50 level. Major Support Level – $152 Major Resistance Level – $160 Image from unsplash

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