Ethereum price is consolidating gains above key support levels could rally towards $165 once it clears the $156 resistance.
Ethereum Price Medium-term Analysis
Yesterday November 28, the price of Ethereum (ETH) recovered from the recent low at $132 and rose above $150 level.
Ethereum price rallied towards the $160 level but a high formed at $156 stalled the momentum. At the moment, the price of ETH seems to be holding above the $150 support level while trying to break the trend line above the 9-day moving average (MA).
On the upside, if more buyers emerge, they will face a strong resistance at the $160 and $170 levels. On the other hand, the downside support is near the $150 level. If the price closes below the $150 support, it is likely to move back into a bearish zone towards the $130 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
ETHUSD Short-term Trend: Bullish
On the 1-hour chart, the price of ETHUSD is in a bullish trend. Ethereum price is still trading above many key supports such as $150, $148 and $142.
As long as there is no close below $142, the ETHUSD pair will pick up momentum above the $155 and $156 resistances in the short term.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance levels: $160, $170, $180
- Support levels: $140, $130, $120
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.