Ethereum (ETH) Could Make Sustained Move Higher
Ethereum is still facing resistance near the $155 and $156 levels levels against the US Dollar.
The price is likely to make a sustained move higher once it breaks the $156 resistance.
There is a key declining channel forming or a bullish flag with resistance near $154 on the hourly chart of ETH/USD (data feed via Kraken).
The price could start a fresh decline only if it settles below the $142 support area.
Ethereum price is consolidating gains above key supports versus the US Dollar, similar to bitcoin. ETH price could rally towards $165 once it clears the $156 resistance.
Ethereum Price Analysis Yesterday, there was an upside extension of the recovery initiated from $132 in Ethereum against the US Dollar.
ETH price climbed above the key $150 resistance and the 100 hourly simple moving average. Moreover, the price broke the $152 resistance and tested the next key resistance area near the $155 level.
A high was formed near the $156 level and the price is currently consolidating gains.
It corrected below the $152 level. Besides, there was a push below the 23.6% Fib retracement level of the recovery wave from the $142 low to $156 high. At the moment, the price seems to be holding the $150 support and the 100 hourly simple moving average.
On the upside, there is a strong resistance forming for Ethereum near the $155 and $156 levels. Additionally, there is a key declining channel forming or a bullish flag with resistance near $154 on the hourly chart of ETH/USD.
Therefore, an upside break above the $155 and $156 resistance levels could push the price further higher.
It is likely to make a sustained move higher towards the $165 resistance.
Conversely, the price could continue to correct gains below $150.
An initial support is near the $148 level. It represents the 50% Fib retracement level of the recovery wave from the $142 low to $156 high.
The main support on the downside is near the $142 level.
If the price closes below the $142 support, it is likely to move back into a bearish zone towards the $132 level.
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The price is likely to make a sustained move higher once it breaks the $156 resistance.
There is a key declining channel forming or a bullish flag with resistance near $154 on the hourly chart of ETH/USD (data feed via Kraken).
The price could start a fresh decline only if it settles below the $142 support area.
Ethereum price is consolidating gains above key supports versus the US Dollar, similar to bitcoin. ETH price could rally towards $165 once it clears the $156 resistance.
Ethereum Price Analysis Yesterday, there was an upside extension of the recovery initiated from $132 in Ethereum against the US Dollar.
ETH price climbed above the key $150 resistance and the 100 hourly simple moving average. Moreover, the price broke the $152 resistance and tested the next key resistance area near the $155 level.
A high was formed near the $156 level and the price is currently consolidating gains.
It corrected below the $152 level. Besides, there was a push below the 23.6% Fib retracement level of the recovery wave from the $142 low to $156 high. At the moment, the price seems to be holding the $150 support and the 100 hourly simple moving average.
On the upside, there is a strong resistance forming for Ethereum near the $155 and $156 levels. Additionally, there is a key declining channel forming or a bullish flag with resistance near $154 on the hourly chart of ETH/USD.
Therefore, an upside break above the $155 and $156 resistance levels could push the price further higher.
It is likely to make a sustained move higher towards the $165 resistance.
Conversely, the price could continue to correct gains below $150.
An initial support is near the $148 level. It represents the 50% Fib retracement level of the recovery wave from the $142 low to $156 high.
The main support on the downside is near the $142 level.
If the price closes below the $142 support, it is likely to move back into a bearish zone towards the $132 level.
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Twitter: https://twitter.com/cryptoexpert20
IF you be an admin for your telegram group you can order from the link
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