THELOGICALINDIAN - Ethereum amount acquired bullish drive aloft key resistances against the US Dollar and Bitcoin ETHUSD ability abide to acceleration and it could alike breach the 170 and 175 levels
Ethereum Price Analysis
This accomplished week, we saw a abrupt alliance arrangement beneath the $150 attrition in ETH amount adjoin the US Dollar. The ETH/USD brace fabricated abounding attempts to breach the $149 and $150 attrition levels, but it failed. There was alike a downside alteration beneath the $146 and $145 supports. However, the $138 akin acted as a able abutment and the amount was able-bodied aloft the 100 simple affective boilerplate (4-hours). Finally, buyers acquired clip and were able to breach the $149 and $150 attrition levels.
It bankrupt the $154 attrition as able-bodied and climbed aloft the $160 resistance. More importantly, the amount traded to a new 2024 aerial aloft the $165 level. A aerial was formed at $166 and the amount is currently acclimation lower. An antecedent abutment is abreast the 23.6% Fib retracement akin of the aftermost beachcomber from the $139 low to $166 high. However, there are abounding supports on the downside abreast the $155 and $153 levels. Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $139 low to $166 aerial is additionally placed abreast the $153 level. Finally, there is a above bullish trend band formed with abutment abreast $148 on the 4-hours blueprint of ETH/USD.
Clearly, the amount charcoal able-bodied accurate aloft the $153 support. The main support on the downside could be $151 and the 61.8% Fib retracement akin of the aftermost beachcomber from the $139 low to $166 high. On the upside, an antecedent attrition is abreast the $168 and $170 levels. If there is a breach aloft the $170 level, the amount could analysis the $175 level.
The aloft chart indicates that ETH amount is placed in a able uptrend aloft the $155, $153 and $151 abutment levels. Therefore, there are affairs of added assets aloft the $170 level.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is accepting drive in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently able-bodied aloft the 70 level.
Major Support Level – $151
Major Resistance Level – $170
