The analysis of the price of Ethereum had revealed that it had struggled in the past to maintain its good position on the price chart but, the progress was slow and its price slightly declined against Bitcoin as well as USD.
Now, it has shown some rebound and is able to maintain its price around one hundred and seventy dollars ($170), this indicates almost fifty percent (50%) of profit in comparison to the past value.
The analysis of 1-day chart of ETH/USD has shown that the support level which was found to be one hundred and fifty-two dollars ($152 – average taken for 100 days) is now trading at one hundred and seventy dollars ($170).
Now, if the market surge at this point the level can rise to one hundred and seventy-five dollars, one hundred and eighty dollars and one hundred and eighty-five dollars respectively, ($175, $180 & $185) and this is not the end.
As if the market shows a positive trend for some time, the value can rise up to two hundred dollars ($200). The below support lies at one hundred and fifty-two dollars ($152) but this can drop down to one hundred and forty to one hundred and thirty dollars ($140 – $134).
The RSI indicator shows the positive momentum and is found to be in oversold area that can enhance the positive correction.