Ethereum Price Approaching Key Hurdle But Can Bulls Make It?
Altcoins2020/04/14 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.
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.
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.
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
You should also read...
Altcoins13/05/20 06:38 by Aayush Jindal
Ethereum Just Broke $190 and Its Primed To Test $205: Here’s Why
Ethereum is gaining bullish momentum above $190 against the US Dollar. It seems like ETH price is preparing for more gains towards the $200 and $205 resistance levels in the near term.
Ethereum is sh... Read More
Bitcoin08/07/20 05:58 by Aayush Jindal
Technicals Suggest Bitcoin Likely To Target Fresh Monthly High Above $9,400
Bitcoin traded as high as $9,377 before starting a downside correction against the US Dollar. BTC is currently up holding the $9,200 support and it could continue to rise steadily.
Bitcoin is trading... Read More
Bitcoin13/08/20 05:58 by Aayush Jindal
100 SMA Holds The Key For Next Bitcoin Rally Above $12K: Here’s Why
Bitcoin found support near $11,120 and started an upward move against the US Dollar. However, BTC must break $11,650 and the 100 hourly SMA to start a fresh rally.
Bitcoin is slowly recovering from t... Read More
Altcoins09/09/20 07:48 by Aayush Jindal
This Simple Technical Pattern Could Resend Ethereum Above $350
Ethereum is struggling to gain momentum above $340 and $350 against the US Dollar. ETH price could start a strong increase if it clears the 100 hourly SMA at $350.
Ethereum is facing an uphill task n... Read More
Bitcoin01/10/20 06:08 by Aayush Jindal
Bitcoin Lacking Bullish Momentum, But 100 SMA Could Trigger Upside Break
Bitcoin price is showing early signs of a bullish break above $10,800 against the US Dollar. BTC could continue higher as long as it is above the 100 hourly SMA.
Bitcoin is struggling to gain bullish... Read More