- ETH price formed a solid support near $155 and recovered nicely against the US Dollar.
- The price gained traction above the $162 resistance and the 100 hourly simple moving average.
- Yesterday’s highlighted key bearish trend line was breached at $164 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair accelerated towards the $168 level and it may continue to rise towards the $175 level.
Ethereum price started a fresh upward move versus the US Dollar, with positive moves in bitcoin. ETH is likely preparing for more gains and it could reach the $175 resistance.
Ethereum Price Analysis
Recently, we saw an extended downside correction below the $160 level in Ethereum price against the US Dollar. The ETH/USD pair tested the $155 level and settled below the 100 hourly simple moving average. However, the $155 level acted as a strong support and later the price started a fresh increase. Bulls gained traction above the $160 resistance and the 50% Fib retracement level of the last drop from the $170 high to $155 low.