Ethereum Rallies 5%: Is This A False Breakout or Real Move To $200?

Ethereum found support near the $158 area and climbed around 5%, just like bitcoin. However, ETH price is facing a strong resistance near $170, above which it could continue higher. After forming a support base near the $158 level, Ethereum recovered above $162 against the US Dollar. The price is up more than 5% and it broke the $165 resistance area. There was a break above a key bearish trend line with resistance near $161 on the hourly chart of ETH/USD (data feed via Kraken). The bulls need to gain strength above $170 for more upsides in the near term. Ethereum Price Approaching Resistance Recently, there was a strong recovery in both bitcoin and Ethereum from $158 and $8,200 against the US Dollar. ETH price was able to climb above the key $162 resistance and the 100 hourly simple moving average to move into a positive zone. During the rise, there was a break above a key bearish trend line with resistance near $161 on the hourly chart of ETH/USD. More importantly, the bulls were able to push the price above the $165 resistance area. Ethereum Price Ethereum price climbed around 5% and it traded close to the key $170 resistance area. The previous rejection area near $170 might continue to play an important factor for a larger upward move. If there is a clear break above the $170 resistance, the price is likely to continue higher towards the $180 resistance. Any further gains could start a larger upward move towards the $200 resistance area. An intermediate resistance area is near the $188 level and the $190 pivot level. What If ETH Tops Near $170 There are high chances that ETH price could struggle to continue above $170. In the mentioned case, the price may perhaps decline below the 23.6% Fib retracement level of the recent rise from the $159 swing low to $169 high. The first major support on the downside is near the $165 level (the recent breakout zone). It also coincides with the 50% Fib retracement level of the recent rise from the $159 swing low to $169 high. If Ethereum fails to stay above the $165 support, it could revisit the $162 support area or the 100 hourly SMA. Below $162, the price is likely to resume its decline in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone. Hourly RSI – The RSI for ETH/USD is currently correcting lower from the 70 level. Major Support Level – $165 Major Resistance Level – $170 The post appeared first on NewsBTC.

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