Ethereum price is slowly climbing higher above the $172 level. However, will ETHUSD pair surge above the strong resistance near the $180 level?
Ethereum Price Medium-term Analysis
Last week, the price of Ethereum (ETH) was in a bearish trend. However, on October 18, Ethereum bottomed at the $168 support level. As a result, the coin recovered above $170 entered a range-bound phase. At the time of writing, Ethereum price is trading at $177 level, amid slow trading activity.
On the upside, if more buyers emerge, the coin will rise and retest the $180 and $185 price levels. Conversely, If there are more downsides, Ethereum price will test the crypto’ price will test the $175 and $170 levels.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
ETHUSD Price Short-term Analysis
On the 1-hour chart, the price of ETHUSD is in a bullish trend. However, the price is likely to fail near the $180 or $185 resistance levels. On the downside, the $170 level holds the key, below which the price could decline towards the $165 and $160 support levels in the short-term.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $180, $185, $190
- Support Levels: $175, $170, $165
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.