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Ethereum (ETH) Price Hits The $175 Target, $182 On The Horizon?

ethereum-eth-price-hits-the-175-target-182-on-the-horizon

  • ETH price extended gains and rallied towards the $175 resistance area against the US Dollar.
  • The price pumped sharply above the $169 and $170 resistance levels to test $174.
  • There is a solid bullish trend line formed with support at $168 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains well supported on the downside near $170 and it could continue to rise towards $180.

Ethereum price climbed higher above key levels versus the US Dollar, along with bitcoin. ETH remains well bid and it seems like buyers could push the price towards $180 and $182.

Ethereum Price Analysis

Yesterday, we saw a strong rebound in Ethereum price above the $162 and $165 resistance levels against the US Dollar. The ETH/USD pair even tested the $170 resistance level and settled above 100 hourly simple moving average. Finally, the price broke the $169 and $170 resistance levels to extend the rally towards the $175 level (as discussed in yesterday’s analysis). The price tested the $174 level and it is currently consolidating gains below $175.

An initial support is near $172 and the 23.6% Fib retracement level of the recent wave from the $164 swing low to $174 high. On the downside, there are many supports near the $170 and $169 levels (the previous resistances). There is also a solid bullish trend line formed with support at $168 on the hourly chart of ETH/USD. The trend line coincides with the 50% Fib retracement level of the recent wave from the $164 swing low to $174 high. Therefore, if the price corrects below $172, it is likely to find support near the $168 support area.

On the upside, an initial resistance is near the $175 level. Should Ether buyers push the price above the $175 resistance, there could be a strong move towards the $180 and $182 resistance levels. If buyers remain in action, there is even a chance of a run towards the $190 resistance area.

Looking at the chart, Ethereum price trading nicely above the $168, $169 and $170 support levels. As long as there is no close below $168, the price remains in a positive zone. Below $168, the next support is at $164 and the 100 hourly simple moving average. The overall price action is positive and the recent break above $170 suggests that bears are clearly struggling to push the price lower.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining strong momentum in the bullish zone, with positive signs.

Hourly RSIThe RSI for ETH/USD jumped above the 60 level and it is currently near 75.

Major Support Level – $168

Major Resistance Level – $175

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