- 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
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