In today’s Ethereum price analysis, the coin found support near the $158 area and recovered above $165 level. However, ETH bulls are facing a strong resistance near $170, above which it could continue higher.
Last week, the price of Ethereum (ETH) was trading in a bearish trend zone. After testing the yearly high at $179, ETH bulls lost balance and allowed the bears to gain control of the market. As a result, sellers pulled the price below the key support levels of $168, $164 and $160.
Recently, Ethereum price recovered strongly. The coin spiked from $158 and climbed above the key $162 resistance level to move into a bullish zone. During the rise, the bulls were able to push the price above the $165 level and it traded close to the key resistance level of $170.
At the time of writing Ethereum price analysis, the coin is changing hands at the $166 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, the price of ETHUSD is in a bullish trend. However, if the pair fails to stay above the $166 support, it could revisit the $162 support area. Below $162, the price is likely to resume its decline in the short term.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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