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This Scenario Will Trigger A New Ethereum Rally: Key Levels To Watch

Ethereum is slowly moving higher and trading above $155 against the US Dollar. ETH price is likely approaching a crucial bullish break if it clears the $160 and $162 resistance levels.

  • Ethereum is grinding higher and showing positive signs above the $155 level.
  • The bulls are likely to face a strong selling interest near $160 and $162.
  • This week’s two bearish trend lines are active with resistance near $160 and $162 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair must surpass both trend lines and $164 for a convincing bullish break in the near term.

Ethereum Price Approaching Next Key Break

In the past three sessions, there was a decent recovery in Ethereum above the $155 resistance against the US Dollar. ETH price managed to settle nicely above the $155 pivot level and the 100 hourly simple moving average.

The upward move was such that the price tested the first major hurdle near the $160 level. However, this week’s two bearish trend lines are active with resistance near $160 and $162 on the hourly chart of ETH/USD.

Ethereum Price

Ethereum Price

The first trend line acted as a key barrier for the bulls and protected more upsides above $160. A high is formed near $160 and Ethereum price corrected below the 23.6% Fib retracement level of the upward move from the $148 low to $160 high.

On the downside, the previous resistance near $155 and the 100 hourly simple moving average are currently providing support. Besides, the 50% Fib retracement level of the upward move from the $148 low to $160 high is also near $155.

To start a strong rally, the bulls need to push the price above both trend lines and $164. A successful follow through above the $164 and $165 resistance levels may perhaps initiate a solid upward move. The next key hurdle is visible near the $175 resistance level.

Breakdown Zone

On the downside, there is a crucial support forming near the $155 level and a connecting bullish trend line on the same chart. If Ethereum fails to stay above the $155 and $154 support levels, it could turn bearish.

An immediate support is near the $150 level, below which the bears are likely to aim a test of the $145 support area in the coming sessions.

Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is currently just above the 50 level.

Major Support Level – $154

Major Resistance Level – $162

Image from unsplash

This Scenario Will Trigger A New Ethereum Rally: Key Levels To Watch was last modified: April 15th, 2020 by Aayush Jindal

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