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Ethereum Takes a Bit Hit But Another Lift-Off To $180 Is Likely

Ethereum is currently correcting lower from the $176 monthly high against the US Dollar. ETH price remains well supported on the downside near the $162 and $158 levels.

  • Ethereum is correcting lower and trading below the $170 level against the US Dollar, similar to bitcoin.
  • The price is holding the main $162 and $158 support levels.
  • There is a key contracting triangle forming with resistance near $170 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rally again towards $180 as long as there is no close below the $158 support.

Ethereum Price Remains in Uptrend

Yesterday, we saw a sharp rise in Ethereum above the $160 and $170 levels against the US Dollar. However, ETH price struggled to clear the $175 resistance and the 100-day simple moving average (as discussed in yesterday’s analysis).

A new monthly high is formed near the $176 level and the price recently corrected lower. It broke the $170 level to start the correction. There was a break below the 23.6% Fib retracement level of the upward move from the $140 swing low to $176 high.

On the downside, the $162 level is acting as a strong support and Ethereum is trading well above the 100 hourly simple moving average. There is also a key contracting triangle forming with resistance near $170 on the hourly chart of ETH/USD.

Ethereum Price

Ethereum Price

If there is an upside break above the triangle resistance and $170, the price is likely to restart its rise. An immediate resistance is near the $175 level, above which the price could surge towards the $180 level. Any further gains could lead the price towards the $188 level.

Key Buy Zones

On the downside, Ethereum is likely to remain well supported above the $162 levels. The next major support is near the $158 level. It coincides with the 50% Fib retracement level of the upward move from the $140 swing low to $176 high.

The 100 hourly simple moving average is also near the $155 level to act as a strong support. If the price fails to stay above the $158 support and the 100 hourly SMA, it could extend its decline towards the $150 and $144 levels in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently declining and approaching the 50 level.

Major Support Level – $140

Major Resistance Level – $145

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Ethereum Takes a Bit Hit But Another Lift-Off To $180 Is Likely was last modified: April 8th, 2020 by Aayush Jindal

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