Ethereum Price Technical Analysis – ETH/USD Eyeing $160-175

By May 22, 2017Bitcoin Business
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Ethereum Price Technical Analysis ETH USD

Key Highlights

  • Its monstrous gains in ETH price, as it extended upside above $140 against the US Dollar, and may soon trade towards $160.
  • There is a solid ascending channel pattern with support at $143 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price may dip a few points towards $144-145 before spiking above $150-152 in the near term.

Ethereum price is putting the best show against the US Dollar and Bitcoin, and ETH/USD may now soon head higher above $150 towards $160 or even $175.

Ethereum Price Bullish Trend

Yesterday, I mentioned that if ETH buyers remain in action, it can soon move above $130 to test $135-138 against the US Dollar. It did move higher, and not only broke $138, but also managed to surge above $145. The current trend is super bullish and pointing further gains above $150. The price may soon break and settle above $150 for a sustained upside move towards $160.

At the moment, the price is trading just below $150, and may soon break it. There is a solid ascending channel pattern with support at $143 formed on the hourly chart of ETH/USD. If the pair dips a few points from the current levels, it may find support near $144-145. The 23.6% Fib retracement level of the last wave from the $120.99 low to $149.18 high is at $142.52. So, the channel support at $143 may play a major role.

Ethereum Price Technical Analysis ETH USD

There is a high possibility of a reaction near $150. So, we may see a dip of around $8-10 going forward. However, the larger trend remains bullish with chances of nasty spikes towards $160 or even $175. Below $142, the $135 support may come into the picture.

Hourly MACD – The MACD is placed with a lot of momentum in the bullish zone.

Hourly RSI – The RSI is floating in the overbought levels.

Major Support Level – $142.00

Major Resistance Level – $150.00

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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