Ethereum Price Analysis: ETH Eyes Next Crucial Bullish Break
Ethereum is slowly moving higher and trading above the $161.80 support vs the US Dollar. ETH to USD is likely to surge again if it clears the $170.20 and $172.30 resistance levels.
Key Takeaways: ETH/USD
- Ethereum price is showing a few positive signs above $161.80 and $164.00 against the US Dollar.
- ETH/USD is following a crucial contracting triangle with resistance near $168.80 on the 2-hours chart (data feed from Bitstamp).
- Bitcoin price must settle above $8,720 and $8,750 to continue higher in the near term.
Ethereum Price Analysis
After a strong surge, Ethereum price faced resistance near the $179.00-$180.00 area. ETH to USD traded as high as $179.18 and later started a downside correction below the $175.00 level.
Looking at the 2-hours chart, Ethereum price traded below the $170.00 support and even broke the 50 simple moving average (2-hours, purple). However, the $161.20 area acted as a strong support and prevented additional losses.
A swing low is formed near $161.15 and the price recently started a fresh increase. It broke the $165.00 area, plus the 23.6% Fib retracement level of the latest correction from $179.18 to $161.15.
However, Ethereum price seems to be facing hurdles near the $168.80 and $170.20 levels. More importantly, the price is following a crucial contracting triangle with resistance near $168.80 on the 2-hours chart.
The triangle resistance is close to the 50% Fib retracement level of the latest correction from $179.18 to $161.15. Therefore, a successful close above the $168.80 and $170.20 levels is needed for a clear upside break.
In the mentioned bullish case, the price may perhaps resume its uptrend above the $172.30 and $175.00 resistance levels. The main hurdle for the bulls is still near the $179.00-$180.00 area.
Conversely, there could be a downside break below the $166.50 support area. If there is a break below $166.50 and $165.00, Ethereum price might revisit the $161.80 support. The next major support is near the $158.60 level, below which the bears are likely to take control in the coming sessions.