Ethereum Price Analysis: ETH Eyes Next Crucial Bullish Break

2020-1-22 16:29

Ethereum is slowly moving higher and trading above the $161.80 support vs the US Dollar. ETH to USD is likely to surge again if it clears the $170.20 and $172.30 resistance levels.

Key Takeaways: ETH/USD Ethereum price is showing a few positive signs above $161.80 and $164.00 against the US Dollar. ETH/USD is following a crucial contracting triangle with resistance near $168.80 on the 2-hours chart (data feed from Bitstamp). Bitcoin price must settle above $8,720 and $8,750 to continue higher in the near term. Ethereum Price Analysis

After a strong surge, Ethereum price faced resistance near the $179.00-$180.00 area. ETH to USD traded as high as $179.18 and later started a downside correction below the $175.00 level.

Looking at the 2-hours chart, Ethereum price traded below the $170.00 support and even broke the 50 simple moving average (2-hours, purple). However, the $161.20 area acted as a strong support and prevented additional losses.

A swing low is formed near $161.15 and the price recently started a fresh increase. It broke the $165.00 area, plus the 23.6% Fib retracement level of the latest correction from $179.18 to $161.15.

However, Ethereum price seems to be facing hurdles near the $168.80 and $170.20 levels. More importantly, the price is following a crucial contracting triangle with resistance near $168.80 on the 2-hours chart.

The triangle resistance is close to the 50% Fib retracement level of the latest correction from $179.18 to $161.15. Therefore, a successful close above the $168.80 and $170.20 levels is needed for a clear upside break.

In the mentioned bullish case, the price may perhaps resume its uptrend above the $172.30 and $175.00 resistance levels. The main hurdle for the bulls is still near the $179.00-$180.00 area.

Conversely, there could be a downside break below the $166.50 support area. If there is a break below $166.50 and $165.00, Ethereum price might revisit the $161.80 support. The next major support is near the $158.60 level, below which the bears are likely to take control in the coming sessions.

Live Ethereum (ETH) Price: 1 ETH/USD =$167.1708 change ~ -0.92%

Coin Market Cap

$18.29 Billion

24 Hour Volume

$2.24 Billion

24 Hour VWAP

$169

24 Hour Change

$-1.5393 var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~ETH~USD");

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Ethereum (ETH) на Currencies.ru

$ 3805.78 (-0.01%)
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Изменеия 24h: 1.74 %, 7d: 23.68 %
Cегодня L: $3736.18 - H: $3815.07
Капитализация $457.207b Rank 2
Цена в час новости $ 173.25 (2096.7%)

eth ethereum usd 161 above price clears

Источник: bitcoinexchangeguide.com

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