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.
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.
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