fxs_header_sponsor_anchor

Ethereum Market Update: ETH/USD where to next after conquering $160 resistance?

  • Ethereum jumps above $160 resistance following the drop from $176 to $150.
  • ETH/USD is likely to settle in consolidation above $160 ahead of a breakout above $170.

Ethereum bulls are feeling energetic on Wednesday as the Asian session paves the way for the European session. For a couple of days, the price struggled with the resistance at $160 after the rejection from highs around $176 found support at $150.

Following a 1.16% growth on the day, Ether is teetering at $160.39. The cryptoasset has also adjusted upwards above the trendline resistance and now seats comfortably above the moving averages. In the 4-hour range, the 100 SMA is holding the ground at $157.38 while the 50 SMA will provide support but currently lies at $156.

The RSI, in the same range, is above the average after the momentum stalled at 60. The trend is likely to remain sideways between 50 and 60. This way, ETH/USD could embrace consolidation as buyers gather the strength to push for gains above $170. The MACD’s horizontal movement within the positive region puts emphasis on a possible sideways action with a bullish bias.

Ethereum resistance and support areas

Resistance one: $163.09

Resistance two: $178.12

Support one: $159.74

Support two: $153.06

ETH/USD 4-hour chart

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.