Categories: Ethereum

Ethereum (ETH) Price Prediction: Strong Rebound Suggests More Gains

Click here to view original web page at blockonomi.com

Ethereum price jumped above the $162.00-163.00 resistance area. ETH price even settled above the $165.80 resistance and it could continue to move higher towards $172.50 or $174.00.

  • Ethereum price started a strong rebound after trading to a new weekly low at $156.42.
  • There was a break above a major bearish trend line with resistance at $165.80 on the 30-minute chart.
  • ETH is positioned nicely above the $166.00 level and it may climb towards $170.80 or $172.50.

Ethereum Price Analysis (ETH to USD)

Earlier this week, we saw a strong drop in Ethereum price below the $162.00 support area. ETH traded to a new weekly low at $156.42 and recently started a strong rebound. Yesterday’s highlighted key resistance area near $162.00-163.00 was breached to start a decent upward move.

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair settled above the $163.00 level and 25 simple moving average (30-min). There was a break above the 61.8% Fib retracement level of the last major decline from the $170.78 high to $156.42 low.

Besides, there was a break above a major bearish trend line with resistance at $165.80 on the same chart. Finally, the price climbed above the $167.50 level and the 76.4% Fib retracement level of the last major decline from the $170.78 high to $156.42 low.

The current price action is positive and it seems like the price may extend gains towards the $170.78 high or even $172.50. The next key resistance is near the $174.20 level since it coincides with the 1.236 Fib extension level of the last major decline from the $170.78 high to $156.42 low.

On the downside, an initial support is near the $166.00 level and the 25 simple moving average (30-min). There is also a key bullish trend line forming with support at $165.20 on the same chart.

Therefore, if Ethereum price dips from the current levels, it could find a strong support near $165.00. The main support is at $162.50, which could once again act as a strong buy zone. On the upside, the bulls may target $172.50 or $174.20 in the short term.

The market data is provided by TradingView, Bitfinex.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoins and Cryptocurrency: Myths and realities

Part 2: The Journey This is a story of secret beginnings. A story of a brilliant idea, born of trying… Read More

5 hours ago

Twitter is Losing its S%# Over This $4 Million Golden Toilet

An solid gold toilet from Churchill's birthplace goes missing. | Source: AP Photo, File Golden toilets don’t come around very… Read More

5 hours ago

eToro Aims to Put Derivatives on the Blockchain With Lira Programming Language

eToro , an Israel-based exchange platform, revealed a new programming language designed to simplify derivatives trading.Speaking ahead of the Ethereal… Read More

5 hours ago

Gartner sees blockchain as ‘transformational’ across industries, in 5-10 years

Credit: Dreamstime Research firm Gartner, whose past evaluations of blockchain have been conservative to say the least , expects the… Read More

11 hours ago

The Future Lies in Blockchain: Circle CEO Jeremy Allaire Backs China’s Cryptocurrency and Facebook’s Libra

The year is 2017. Cryptocurrencies and their underlying blockchain technology are sternly poised to take over the world. Investors, all… Read More

11 hours ago

Ethereum-based Staked Not Efficient, Claims DeFi Builder

Much like banks, there is competition with the Ethereum decentralized finance (DeFi) ecosystem; each protocol and ecosystem offers different benefits… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More