Ethereum price analysis: ETH/USD breaks above descending channel resistance

Ethereum bulls push for a reversal above the falling channel.
The ongoing bullish momentum targets $170 in the short-term.

Ethereum is current extending gains from a reversal from the support congestion zone $160. The second largest digital asset been trading lower highs and lower lows since Friday last week when it sprung up to weekly highs around $0.172.23.

The declines corrected below both the 50 Simple Moving Average (SMA) 15-minutes, the 100 SMA and the 200 Exponential Moving Average (EMA). However, attempts to recover above this same technical levels have been unsustainable.

The bulls have, however, pushed for a reversal during the European trading session on Monday. A break has occurred above the 100 SMA, falling trendline resistance, EMA200 and the 50 SMA. The price currently at $165.06 has formed an intraday high around $166.13. The ongoing bullish momentum targets $170 in the short-term but first, the bulls must clear the resistance at $168 supply area. As far as support levels are concerned, Ethereum is supported strongly at $160 and $150.

ETH/USD 15’chart

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