This Scenario Will Trigger A New Ethereum Rally: Key Levels To Watch
Altcoins2020/04/15 06:38 by Aayush Jindal
Ethereum is slowly moving higher and trading above $155 against the US Dollar. ETH price is likely approaching a crucial bullish break if it clears the $160 and $162 resistance levels.
Ethereum is grinding higher and showing positive signs above the $155 level.
The bulls are likely to face a strong selling interest near $160 and $162.
This week’s two bearish trend lines are active with resistance near $160 and $162 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair must surpass both trend lines and $164 for a convincing bullish break in the near term.
Ethereum Price Approaching Next Key Break
In the past three sessions, there was a decent recovery in Ethereum above the $155 resistance against the US Dollar. ETH price managed to settle nicely above the $155 pivot level and the 100 hourly simple moving average.
The upward move was such that the price tested the first major hurdle near the $160 level. However, this week’s two bearish trend lines are active with resistance near $160 and $162 on the hourly chart of ETH/USD.
The first trend line acted as a key barrier for the bulls and protected more upsides above $160. A high is formed near $160 and Ethereum price corrected below the 23.6% Fib retracement level of the upward move from the $148 low to $160 high.
On the downside, the previous resistance near $155 and the 100 hourly simple moving average are currently providing support. Besides, the 50% Fib retracement level of the upward move from the $148 low to $160 high is also near $155.
To start a strong rally, the bulls need to push the price above both trend lines and $164. A successful follow through above the $164 and $165 resistance levels may perhaps initiate a solid upward move. The next key hurdle is visible near the $175 resistance level.
On the downside, there is a crucial support forming near the $155 level and a connecting bullish trend line on the same chart. If Ethereum fails to stay above the $155 and $154 support levels, it could turn bearish.
An immediate support is near the $150 level, below which the bears are likely to aim a test of the $145 support area in the coming sessions.
Hourly MACD – The MACD for ETH/USD is slowly gaining strength in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently just above the 50 level.
Major Support Level – $154
Major Resistance Level – $162
Image from unsplash
You should also read...
Altcoins09/12/19 04:08 by Aayush Jindal
Ethereum (ETH) Bulls Eye Crucial Bullish Break
Ethereum is approaching the main $152 and $155 resistance levels against the US Dollar.
The price is likely to rally significantly once there is a clear break above $152.
There is a key bullish trend... Read More
Altcoins12/12/19 04:28 by Aayush Jindal
Ethereum (ETH) Turned Sell On Rallies, What’s Next?
Ethereum is down more than 2% and it broke the $142 support area against the US Dollar.
The price is currently correcting higher, but it could face hurdles near $142 and $144.
Yesterday’s major bea... Read More
Altcoins14/04/20 06:38 by Aayush Jindal
Ethereum Price Approaching Key Hurdle But Can Bulls Make It?
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 recove... Read More
Altcoins20/04/20 06:38 by Aayush Jindal
Ethereum Hesitates But Further Gains Seem Likely Towards $200
Ethereum is trading nicely above the $175 support area against the US Dollar. ETH price is showing a lot of positive signs and it could continue to rise towards $188 and $195.
Ethereum corrected lowe... Read More
Altcoins19/05/20 10:58 by Aayush Jindal
This Scenario Could Trigger A New Ethereum Rally: Key Levels To Watch
Ethereum is currently trading above the $205 and $208 support levels against the US Dollar. ETH price could start a strong increase if it clears the $215 and $216 resistance levels.
Ethereum is showi... Read More