- Ethereum keeps bouncing off the short-term ascending trendline.
- The RSI suggests that the bulls will continue to nurture the gradual uptrend.
Ethereum is creeping higher on Friday after enduring some really rough waters in the past couple of days. The losses that gripped the crypto led to overarching declines below several support areas including $170 and $160. The bearish action proceeded under $155 but formed a low at $153.28.
The struggle to secure higher ground has been real for the bulls. However, the Ethereum currently teeters within an ascending channel. Moreover, Ethereum has broken above the descending trendline resistance.
While ETH/USD is trading at $161.98 its immediate upside limited by the 50 Simple Moving Average (SMA) on the one-hour chart. The push to step on higher grounds above $170 will have to deal with the resistance at the 100 SMA currently at $168.17.
The Relative Strength Index (RSI) at 50 is gradually slopping upwards. The RSI has been keen on forming a higher low pattern since the recent dip to 16. Movement toward 70 is bound to encourage more buying entries which are likely to boost ETH above $170.
ETH/USD one-hour chart
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The RSI suggests that the bulls will continue to nurture the gradual uptrend.
Ethereum is creeping higher on Friday […]