Ethereum Price Analysis: Bulls Eyeing Fresh 2019 High

Ethereum Price Analysis: Bulls Eyeing Fresh 2019 High


  • Ethereum price is gaining momentum above the $169 resistance level against the US Dollar.
  • ETH is likely to surge higher once there is a break above the $176 and $178 resistance levels.
  • There is a crucial bearish trend line formed with resistance at $176 on the 4-hours chart (data feed from Coinbase).
  • The price remains well supported on the downside near the $169 and $168 levels.

Ethereum price is likely setting up for a huge break against the US Dollar. ETH could rally significantly once it clears the $176 and $178 resistance levels in the near term.

Ethereum Price Analysis

This past week, Ethereum price corrected a few points below the $170 support against the US Dollar. The ETH/USD pair even broke the $160 support level and the 55 simple moving average (4-hours). The price tested the key $155-156 support area and later bounced back above $160. There was a steady rise above the $170 and $172 levels. The bulls even cleared the $175 resistance and the 55 simple moving average (4-hours). A swing high was formed at $178 and the price recently corrected lower.

It broke the $172 level and the 23.6% Fib retracement level of the last move from the $156 swing low to $178 high. However, the $167 level acted as a strong support. It represents the 50% Fib retracement level of the last move from the $156 swing low to $178 high. The price is now recovering and trading nicely above $172 and 55 simple moving average (4-hours). On the upside, there is a crucial bearish trend line formed with resistance at $176 on the 4-hours chart.

A convincing break above the trend line and $178 resistance is likely to start a strong upward move. In the mentioned case, the price could rally towards the $185 and $188 resistance levels. Finally, there are chances of a new 2019 high above the $188 level in the near term. Conversely, if there is a downside break, the price could clear the $168 support. The next major support is at $164, below which the price may slide to $160.

Ethereum Price Analysis: Bulls Eyeing Fresh 2019 High

Looking at the chart, Ethereum price is trading nicely above the $172 support. The current technical structure is very bullish, suggesting an upside break above the $176 and $178 resistance levels. There was also a strong rise in bitcoin price today, which increases chances of a strong wave in ETH above $178.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently above the 55 level and is moving higher.

Key Support Levels – $168, followed by the $160 zone.

Key Resistance Levels – $176 and $188.

The post Ethereum Price Analysis: Bulls Eyeing Fresh 2019 High appeared first on Live Bitcoin News.



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