Ethereum (ETH) Signaling Upside Continuation, $165 Possible? @newsbtc #Analysis #Technical #ETH #ethereum

• Ethereum is showing positive signs above the $150 and $152 resistance levels against the US Dollar.
• The price is currently trading near the $155 resistance and it could rise further.
• There is a s...
  • Ethereum is showing positive signs above the $150 and $152 resistance levels against the US Dollar.
  • The price is currently trading near the $155 resistance and it could rise further.
  • There is a short term bullish flag forming with resistance near $155 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price could rise nicely above the $155 and $160 resistance levels in the near term.

  Ethereum price is gaining bullish momentum above $150 versus the US Dollar, while bitcoin rallied above $7,500. ETH price is likely to aim $165 if it settles above $155.

  Ethereum Price Analysis

  Recently, there was a nice recovery in Ethereum above the $140 and $142 resistance levels against the US Dollar. Later, ETH price consolidated above the $142 support area and below the 100 hourly simple moving average.

  Finally, the bulls gained strength and were able to push the price above the $150 resistance area and the 100 hourly simple moving average. Besides, yesterday’s key bearish trend line with resistance near $150 was breached on the hourly chart of ETH/USD.

  It opened the doors for more gains above the $152 resistance. Ethereum tested the $155-$156 resistance area and it is currently consolidating gains. An initial support is near the $152 level.

  Furthermore, the 23.6% Fib retracement level of the recent rise from the $142 swing low to $156 high is also near the $152 level. More importantly, there is a short term bullish flag forming with resistance near $155 on the same chart.

  If there is an upside break above $155 and the price climbs above the $156 high, there could be more gains. In the mentioned case, the price may perhaps surpass the $160 resistance and continue higher.

  The next key resistance of the target for the current recovery could be $165. Conversely, the price might fail to continue above the $155 and $156 resistance levels.

  On the downside, the price may revisit the $148 zone if it breaks the $152 support. The 50% Fib retracement level of the recent rise from the $142 swing low to $156 high is also near the $148 level. If there are more downsides below $148 and the 100 hourly SMA, the price will most likely retest the $142 support.

  

  Ethereum Price

  Looking at the chart, Ethereum price is showing positive signs above the $152 and $148 support levels. The current price action suggests high chances of more gains above $155 and $158.

  ETH Technical Indicators

  Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

  Hourly RSI – The RSI for ETH/USD is currently correcting lower from 65 and it could test the 50 level.

  Major Support Level – $148

  Major Resistance Level – $155

  The post Ethereum (ETH) Signaling Upside Continuation, $165 Possible? appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ethereum-eth-signaling-upside-continuation-165-possible-5ddf38310be66f657151d5c9