Ethereum price analysis: ETH struggles below $170; supported at the 200 EMA
|- ETH/USD has struggled to stay above the support congestion at $155.00 in the past few days.
- Ethereum is poised for gains that could retest $170 for the second time in the same week.
Ethereum was among the best performers on the crypto market last week. ETH/USD zoomed towards $200 but formed a high at $188.63 before the trend reversed. In the past few days, ETH/USD has struggled to stay above the support congestion at $155.00. In yesterday’s analysis, we talked about the slump below the 50 SMA 1-hour and the 100 SMA, Besides, losses extended below $160 range support.
On finding support at $156.21, Ethereum bulls pushed the price back up forming a fresh uptrend within a rising channel. Currently, the price is trading above the SMAs while the 200 exponential moving average (EMA) is proving immediate support at $166.08. Ethereum is trending upwards at $167.41 while all eyes are set on $170.00 hurdle.
According to technical analysis, Ethereum is poised for gains that could retest $170 for the second time in the same week. The relative strength index (RSI) found balance at 50.00 and is moving upwards at 64.44. A breakout is expected as soon as the indicator re-enters the overbought. A move that will cement the growing trend within the rising channel.
As mentioned support is the 200 EMA assisted by $165.00 and both the 50 SMA and the 100 SMA 1-hour. Additional support is observed at $160, and at the support congestion zone at $155.00.
ETH/USD 1-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.