- ETH correction lowered recently, but remained above the $ 156-157 US dollar key.
- The price faces many obstacles near $ 162 and $ 163 levels upside down.
- There is a short-sighted channel in place with resistance close to $ 163 on the ETH / USD hourly chart (data feed via Kraken).
- The couple must stay above the $ 156 support to avoid a short-term break.
Ethereum Prize faces a lot of seller share against US dollars and bitcoin. ETH can jump back over $ 163 as long as the $ 156 support area is intact.
Ethereum Price Analysis
Recently there was a decent upward flow of over $ 165 in the Ethereum price against the US dollar. The ETH / USD pair spiked against the $ 1
The price recently traded above the $ 162 level and the 23.6% Fib retracement level of the recent decline from the $ 169 swing high to the $ 157 swing low. There are visible recovery signs, but it seems that the $ 163 level seems like a significant resistance. It also represents the 50% Fib retracement level of the recent decline from the $ 169 swing high to the $ 157 swing low. In the beginning, the price moves lower and trades slightly above the key range of $ 156-157. If the bulls do not defend the supply area for $ 156, there is a danger of a sharp decline.
Next key support is close to the $ 155 level, during which the Ether prize may decline against the $ 150 support level. On the upside, the prize must clear the $ 163 level to start a decent upward movement. There is also a short term downward channel in place with resistance close to $ 163 on the ETH / USD hourly chart.
Look at the chart, the Ethereum Prize can trade in a range over $ 157 support for a while before the next break. The chances of a fresh increase are high as long as the bitcoin price increases. If there is a downside break below $ 155, it can put a lot of pressure on the bulls in the short term.
ETH Technical Indicators
Hours MACD – ETH / USD MACD is currently
Time RSI – ETH / USD RSI recently dropped below the 50 level, but kept the 40 level.
Large Support Level – $ 157
Major Resistance Level – $ 163