Ethereum is trading nicely above the $162 and $158 support levels, similar to bitcoin above $8,500. ETH price is likely forming an inverse head and shoulders pattern, suggesting a fresh increase.
Ether price is currently consolidating above the $162 support area against the US Dollar.
Bitcoin price is finding a strong buying interest above the $8,500 support area.
There is a key bearish trend line forming with resistance near $170 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rally if it clears the $168 and $170 resistance levels in the near term.
Ethereum Forming Bullish Breakout Pattern
Recently, we saw a downside correction in Ethereum from the $180 resistance area against the US Dollar. ETH price corrected lower below the $170 and $166 support levels.
Moreover, there was a close below the $170 level and the 100 hourly simple moving average. Finally, there was a spike below the $162 support, but the $160 area acted as a strong buy zone.
A swing low is formed near $160 and the price is currently recovering. Ethereum climbed above the 23.6% Fib retracement level of the recent drop from the $179 high to $160 low.
At the outset, it seems like the price is forming an inverse head and shoulders pattern with resistance near the $170 area. Besides, there is a key bearish trend line forming with resistance near $170 on the hourly chart of ETH/USD.
Ethereum Price
The 50% Fib retracement level of the recent drop from the $179 high to $160 low is also near $170. Therefore, a successful close above the $170 resistance area is needed for a fresh increase towards the $178 and $180 resistance levels. Any further gains could lead the price towards the $200 area.
Pattern Invalidation For ETH
On the downside, the main support for the possible inverse head and shoulders pattern is near the $162 area. If there is a bearish close below the $162 support, the price is likely to invalidate the highlighted inverse head and shoulders pattern.
The next key supports are near the $160 and $158 levels. If Ethereum fails to stay above the $158 support, there is a risk of a larger decline in the near term. In the mentioned case, the price is likely to decline towards the $150 and $148 levels.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is struggling to gain momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level, with a positive angle.
Major Support Level – $160
Major Resistance Level – $170 The post appeared first on NewsBTC. origin »
ETH price managed to recover above $172, but it failed to continue above $180 against the US Dollar. The price is currently trading below the $170 support and it might retest the $165 or $162 support.
ETH price rebounded nicely after testing the key $160 support area against the US Dollar. The price climbed higher sharply and broke the $165, $168 and $170 resistance levels. There was a break above a contracting triangle with resistance near $162 on the hourly chart of ETH/USD (data feed via Kraken).
ETH price corrected lower recently, but stayed above the key $156-157 support against the US Dollar. The price is facing a lot of hurdles near the $162 and $163 levels on the upside. There is a short term declining channel in place with resistance near $163 on the hourly chart of ETH/USD (data feed via.
The total crypto market cap is currently placed nicely above the $162. 5B and $164. 0B supports. Litecoin (LTC) price is currently trading below $70. 00, but it could recover in the short term. Bitcoin cash price declined below $250 and it remains at a risk of more losses.
ETH price failed to stay above the $158 and the $160 support levels against the US Dollar. Tether drama sparked a strong declined below the $155 and $150 support levels. Yesterday’s highlighted key bearish trend line is intact with resistance near $162 on the hourly chart of ETH/USD (data feed via Kraken).
ETH price formed a solid support near $155 and recovered nicely against the US Dollar. The price gained traction above the $162 resistance and the 100 hourly simple moving average. Yesterday’s highlighted key bearish trend line was breached at $164 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin cash price started a downside correction after trading above $235 against the US Dollar. BCH/USD traded below $200 and it is currently consolidating near $150. Key Talking Points Bitcoin cash price declined recently and broke the $200 and $175 supports against the US Dollar.
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