Ethereum is slowly recovering higher after trading as low as $148.
The price is trading above the $152 level, but the bulls are facing a lot of hurdles.
Yesterday’s followed two bearish trend lines are active with resistance near $160 and $164 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair could only turn bullish once it clears the $164 resistance and settle above $165.
Ethereum Price Testing 100 Hourly SMA
After settling below the $160 level, Ethereum started a fresh bearish wave against the US Dollar. ETH price broke the $155 support to move further into a short term bearish zone.
Besides, there was a break below the $150 level and settled below the 100 hourly simple moving average. The price traded to a new monthly low at $148 and it is currently correcting higher.
It broke the $152 resistance level to start a correction. Ethereum surpassed the 50% Fib retracement level of the key drop from the $164 swing high to $148 low. However, the price is now facing a couple of hurdles near the $156-$157 area.
The 61.8% Fib retracement level of the key drop from the $164 swing high to $148 low is also likely to act as a key hurdle. More importantly, yesterday’s followed two bearish trend lines are active with resistance near $160 and $164 on the hourly chart of ETH/USD.
Ethereum Price
If there is a break above the 100 hourly SMA, the price might test the upper trend line. A successful close above the $164 and $165 resistance levels is needed for a clear direction. The next key resistance is near the $175 level. Any further gains could lead the price towards the $185 and $188 levels.
Dips Supported?
If Ethereum fails to continue above the 100 hourly SMA or the $160 resistance, there are chances of another bearish reaction. On the downside, an initial support is near the $152 level and a connecting bullish trend line on the same chart.
There is also a key support forming near the $145 area (as discussed in the weekly analysis). If the bulls fail to hold the $145 support area, there is a risk of more losses towards the $132 and $130 levels.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising and it is above the 50 level.
Major Support Level – $152
Major Resistance Level – $160
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