Ethereum (ETH) Price Gaining Momentum As Bitcoin Hits Fresh High
technical analysis

Ethereum (ETH) Price Gaining Momentum As Bitcoin Hits Fresh High

THELOGICALINDIAN - Ethereum amount is accepting bullish drive against the US Dollar afterward bitcoin amount acceleration ETH is now placed aloft 169 and it looks set for added assets appear the 180 level

Ethereum Price Analysis

Yesterday, we saw a downside alteration in Ethereum amount beneath the $169 abutment adjoin the US Dollar. The ETH/USD brace alike bankrupt the $168 akin and the 100 alternate simple affective average. It activated the key $164-165 abutment area, area buyers emerged. A beat low was formed abreast $164 and the amount started a beginning rise. It bankrupt the $168 attrition and the 100 alternate SMA. Besides, there was a breach aloft the 23.6% Fib retracement akin of the aftermost accelerate from the $180 aerial to $164 low.

The amount is now trading aloft the $170 akin and the 100 alternate SMA. However, it is adverse a able attrition abreast the $172 level. There is additionally a blemish arrangement basic with attrition at $172 on the alternate blueprint of ETH/USD. Moreover, the 50% Fib retracement akin of the last slide from the $180 aerial to $164 low is additionally acting as a attrition abreast the $172 level. Therefore, a acknowledged breach aloft the $172 attrition is acceptable to accessible the gates for added assets in the abreast term.

The abutting key attrition is abreast $176, aloft which the amount may analysis the $180 level. Bitcoin amount afresh surged aloft the $6,080 level, and it seems like it could advice Ether as well. If there is a downside correction, the $168 akin and the 100 alternate SMA may act as a support. A abutting beneath the $168 abutment ability alpha a accelerate appear the $164 support.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum amount seems to be accepting clip aloft $170. However, the beasts charge to bright the $172 attrition akin to set the date for a advance appear the $180 level. There are alike affairs of a beginning aerial aloft $180 if the beasts abide in activity for the abutting few sessions.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is accepting clip in the bullish zone, with a absolute bias.

Hourly RSIThe RSI for ETH/USD climbed aback aloft the 50 akin and it is currently abreast the 60 level.

Major Support Level – $168

Major Resistance Level – $172