Ethereum price corrected lower and tested the $167.00 area. ETH price is currently climbing higher and it could accelerate once there is a break above the $172.00 resistance.
- Ethereum price seems to be positioned for a fresh increase above the $172.00 resistance area.
- The bulls are likely to clear a connecting bearish trend line with resistance at $171.10 on the 30-minute chart.
- ETH could start a fresh increase if there is a proper close above $171.10 and $172.00.
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Ethereum Price Analysis (ETH to USD)
After trading close to the $180.00 level, Ethereum price started a downside correction. ETH declined below the $172.00 support level and traded close to the $167.00 level before starting a decent upward move.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair traded as low as $167.19 and remained well above the $165.70 support level. The price climbed above the $170.00 resistance and the 25 simple moving average (30-min).
There was a break above the 23.6% Fib retracement level of the recent drop from the $179.17 high to $167.19 low. However, the previous support near the $171.50-172.00 area acted as a strong resistance.
There is also connecting bearish trend line in place with resistance at $171.10 on the same chart. If there is a successful close above the trend line and $172.00, the price could start a decent rebound. The next immediate resistance is $173.20 and the 50% Fib retracement level of the recent drop from the $179.17 high to $167.19 low.
Above $173.50, the price is likely to move higher towards the $178.00 and $180.00 levels. On the downside, an initial support is near the $169.00 level and a key bullish trend line with support at $169.25 on the same chart.
If there is a break below the $169.00 support, Ethereum price could move back towards the $167.19 swing low or the $165.70 support level. The overall, trend is still positive for ETH and it seems like the bulls are likely to take control for a fresh increase above the $172.00 and $173.50 resistance levels in the near term.
The market data is provided by TradingView, Bitfinex.
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