Ethereum is slowly rising from the $162 support area, similar to bitcoin from $8,500. ETH price could start a decent increase to $180 or $185 if it settles above $170.
- Ether price is showing a few positive signs above the $162 and $165 support levels against the US Dollar.
- Bitcoin price is currently attempting to gain traction above the $8,700-$8,750 resistance area.
- Yesterday’s major bearish trend line is intact with resistance near $170 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must surpass the $170 resistance level to start another rally to $180 and $185.
Ethereum Remains In Uptrend
Yesterday, we discussed the importance of the $162 and $160 support levels for Ethereum against the US Dollar. ETH price remained well bid above the $162 level and slowly climbed above $168.
Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $179 high to $160 low. The price even surpassed the $168 resistance and the 100 hourly simple moving average.
Finally, it tested the key breakout resistance area near $170. More importantly, yesterday’s major bearish trend line is intact with resistance near $170 on the hourly chart of ETH/USD.
The 50% Fib retracement level of the downward move from the $179 high to $160 low is also acting as a hurdle for the bulls. Therefore, a clear break above the trend line and a close above $170 is needed for more upsides in the near term
Once Ethereum settles above the $170 resistance, it could gain bullish momentum. The next key resistance is near the $180 level, above which it could surge towards the $185 resistance level. Any further upsides might lead the price towards $200.
Inverse Head And Shoulders Pattern Intact For ETH
Yesterday, we discussed a possible inverse head and shoulders pattern with support near the $162 area. ETH price remained well bid above the $162 support, which means the pattern is still intact.
To invalidate the pattern, Ethereum bears need to push the price below the $162 support. The next key support is near the $158 level. Any further losses below $158 might spark a strong downward move.
Overall, ETH remains in an uptrend and it could rise above $170 and $180 in the near term unless there is a break below $158.
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.
Major Support Level – $162
Major Resistance Level – $170