Although, strong resistance is anticipated near the one hundred and eighty dollars ($180) price level. The price of the Ethereum maneuvers uphill to the one hundred and seventy-four dollars ($174) level.
A bearish trend is indicated close to the one hundred and seventy-two-dollar level broke based on the hourly rates of the duo (Ethereum and US Dollar). A major obstacle for the bulls is the upswing by the pair to the one eighty-dollar level.
Ethereum price movement: What to expect?
The last week included support levels of both one hundred and sixty-eight and one hundred and seventy dollars ($168-$170) range.
The bears were unable to attain fortitude above one hundred and sixty-eight dollars ($168), displaying a rise above the one hundred and seventy-two dollars ($172) level.
It was during this rise that the Ethereum price surpassed the one hundred and seventy-five holding and the one hundred H-SMA.
Near resistance levels of a hundred and seventy-two, there was a break beyond a significant bearish trend. The area ranging from a hundred and seventy-seven and a hundred and seventy-eight dollars ($177 – $178) resulted in the consolidation of gains. It currently exchanges at the twenty-three percent (23%) Fibonacci Retracement owed to the jump from one sixty-nine to one seventy-six dollars ($16 – $176) mark.
It appears that the one hundred and seventy-five-dollar ($175) mark and the one hundred H-SMA are taking the role of support.
Considering there be any plights, the price could near the one hundred and seventy-two-dollars ($172) mark. Further deteriorations could result in the step towards the one hundred and sixty-eight ($168) support zone, based on the fifty percent Fibonacci Retracement level.
There are many significant obstacles near the one hundred and seventy-eight and one hundred and eighty dollars ($178 – $180) levels. In case the price surpasses the one-eighty dollars ($180) resistance, only then will it move to a positive area. The subsequent resistance lies close to the one hundred and eighty-five dollars ($185) level beyond which Ethereum can begin its rise.
The chart indicates recovery by ETH price with an optimistic outlook beyond the one hundred and seventy-five dollars ($175) mark. Yet, it is expected to “go phut” near one hundred and eighty /eighty-five ($180/5) zones. On the stumbling block, the one hundred and sixty-eight dollars ($168) level is significant, beneath which the price could decrease to a hundred and sixty/sixty-two ($160/2) mark.
The moving average convergence/divergence per hour proceeds into the bearish zone and the relative strength index per hour displays a level of greater than fifty.
The primary support level lies at the one hundred and seventy-two-dollar ($172) mark, whereas the primary resistance level rests at the one hundred and eighty-dollar ($180) mark.