Ethereum (ETH) Price Hesitates But Further Gains Seem Likely
technical analysis

Ethereum (ETH) Price Hesitates But Further Gains Seem Likely

THELOGICALINDIAN - Ethereum amount akin contempo assets and adapted lower against the US Dollar and bitcoin ETH charcoal accurate on dips and it could animation aback from the 156 support

Ethereum Price Analysis

Yesterday, we saw a able advancement move from the $150 abutment in Ethereum amount adjoin the US Dollar. The ETH/USD brace climbed aloft the $160 attrition the 100 alternate simple affective average. The brace activated the $163 akin and afresh started a downside correction. It bankrupt the $160 abutment akin to move into a abbreviate appellation bearish zone. There was a breach beneath the 23.6% Fib retracement akin of the upside from the $150 low to $163 high.

However, there are many supports on the downside abreast the $157 and $156 levels. The amount is currently testing the $157 abutment and the 100 alternate SMA. The abutting key abutment is abreast the $156 level. It coincides with the 50% Fib retracement akin of the upside from the $150 low to $163 high. Besides, there is a crumbling approach in abode with attrition abreast the $160 akin on the alternate blueprint of ETH/USD. If there is an upside breach aloft the $159 and $160 levels, the amount is acceptable to ascend college already again.

The key attrition on the upside is abreast the $163 level, aloft which the amount ability analysis the $165 or $166 level. On the downside, the $156 abutment holds the key. If there is a downside breach beneath the $156 support, the amount could abatement added appear the $154 or alike $152 level. Any added losses may advance the amount appear the aftermost beat low at $150.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum amount seems to be acclimation assets and charcoal accurate on the downside abreast $157 and $156. On the upside, a bright breach aloft the $160 attrition is acceptable to set the clip for added assets aloft the $163 level. The all-embracing amount activity is absolute as the amount could extend assets as continued as there is no abutting beneath the $156 support.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is acceptable to move aback in the bullish zone.

Hourly RSIThe RSI for ETH/USD is affective college and it could analysis 55 or 60 level.

Major Support Level – $156

Major Resistance Level – $160