Ethereum (ETH) Price Starts Much Awaited Rebound To $170
technical analysis

Ethereum (ETH) Price Starts Much Awaited Rebound To $170

THELOGICALINDIAN - Ethereum amount started a appropriate backlash against the US Dollar and bitcoin ETH is now placed accurately aloft 158 and it may abide to acceleration appear the 170 attrition area

Ethereum Price Analysis

Yesterday, there was a appropriate advancement move in Ethereum amount aloft the $154 and $155 resistances adjoin the US Dollar. The ETH/USD brace alike acclimatized aloft the $155 akin and the 100 alternate simple affective average. The brace gained bullish momentum and alike bankrupt the $158 attrition and the $159 beat high. It opened the doors for added assets aloft the $160 akin and the 1.236 Fib addendum akin of the aftermost bead from the $159 aerial to $150 beat low.

The amount traded appear the $165 akin and formed a beat aerial abreast $163. At the moment, the amount is acclimation lower appear $160. An actual abutment is abreast $160 and the 23.6% Fib retracement akin of the contempo beachcomber from the $150 beat low to $163 high. Moreover, there is a abutting bullish trend band in abode with abutment abreast $158 on the alternate blueprint of ETH/USD. If there is a breach beneath the trend line, the amount could analysis the $156 abutment level. The 50% Fib retracement akin of the contempo beachcomber from the $150 beat low to $163 aerial is abreast the $156 level.

Besides, the 100 alternate SMA is additionally abutting to the $156 abutment to anticipate losses. On the upside, an antecedent attrition is abreast the $163 high. The abutting key attrition is abreast the $165 level, aloft which the amount could alpha a able beachcomber appear the $170 and $172 levels.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum amount acutely recovered accurately aloft the $160 attrition level. In the abbreviate term, there ability be a downside correction, but dips abide able-bodied accurate on the downside abreast the $160, $158 and $156 levels. Overall, the amount is acceptable to extend assets aloft the $163 beat aerial as continued as it is trading aloft the $158 abutment level.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is now placed accurately in the bullish zone.

Hourly RSIThe RSI for ETH/USD jumped aloft the 60 akin and is currently aloft 70.

Major Support Level – $158

Major Resistance Level – $165