Ethereum price is rising and it recently broke the $169.50 and $175.50 resistance levels vs the US Dollar. ETH to USD traded as high as $178.29 and it is likely to continue higher.
Key Takeaways: ETH/USD
- Ethereum price is trading in a nasty uptrend above the $169.50 support area against the US Dollar.
- ETH/USD is following a crucial ascending channel and support near $173.80 on the 2-hours chart (data feed from Bitstamp).
- Bitcoin price climbed towards $9,450 and it is currently correcting below $9,400.
Ethereum Price Analysis
After forming a support base near the $156.50 level, Ethereum price started a steady rise above the $164.50 resistance. ETH to USD even surpassed the $169.50 and $170.00 levels to move further into a bullish zone.
Looking at the 2-hours chart, Ethereum price settled nicely above the $173.50 level and the 50 simple moving average (2-hours, purple). It traded to a new yearly high at $178.29 and it is currently correcting lower.
There was a break below the 23.6% Fib retracement level of the latest wave from $169.58 to $178.29. However, the $173.50 area is acting as a nice support for the bulls.
Besides, the 50% Fib retracement level of the latest wave from $169.58 to $178.29 is protecting declines. More importantly, Ethereum price seems to be following a crucial ascending channel and support near $173.80 on the 2-hours chart.
If there is a downside break below the channel support, the price could continue to move down towards the $170.00 and $169.50 support levels. Any further losses may perhaps lead the price towards the $164.50 level.
Conversely, the price is likely to hold the channel support and climb back above the $176.50 and $178.00 levels. If Ethereum succeeds in clearing the $178.30 swing high, it could even surge above the $180.00 resistance.
The next resistance is seen near the $183.20 and $184.50 levels. Overall, ETH is trading with a positive bias and it is likely to continue higher above $180.00. Only a close below $164.50 might start a major downside correction in the near term.