- Ethereum resumes the uptrend above $180 following the short-term triangle breakout.
- ETH/USD technical levels remain positive; bullseye $188.00 (last week’s highs).
Following the ballistic rise to levels around $188.00, ETH/USD succumbed to bear pressure and dropped below the 100 SMA 15-minutes chart. The support at $176.00 caved into the pressure, however, Ethereum found support at $174.53. Using this level as a stepping stone the bulls made another assault towards $188 but run out of steam at $184.00.
Short-term Triangle Breakout
In the last couple of days, ETH/USD has traded sideways with very subtle movements to either direction. The subtle highs and lows formed a contracting triangle pattern. The breakout above the triangle resistance during the Asian session on Wednesday has seen Ethereum not only recover above the 100 SMA and the 200 SMA 15-minutes but also stepped above the critical $180.00 level.
The buyers are currently building momentum at $181. Slightly above the current market value, the price will come face to face with the resistance at $184.00. Ethereum has attempted to break past this level before. Therefore, it is essential that it succeeds, otherwise, the attack will only serve to increase the resistance congestion. Moreover, stepping above $184.00 could be the breakout the price has been waiting for in order to resume the uptrend towards $200.00.
In terms of support levels, ETH/USD is supported at $180.00. Slightly below this the 200 SMA 15’ will prevent declines while the 100 SMA 15’ at $178.65 is positioned to stop losses towards the next support target, the rising trendline. Notably, additional support is observed at $168.00, $168.00 and $155.00 (last week’s support level).
Key Technical Indicators:
Resistance 1: 184.00
Resistance 2: $188.00
Medium-term resistance: $200.00.
Support 1: $180.00
Support 2: $176.00
Support 3: $168.00
100 SMA 15’: 178.65
200 SMA 15’: 179.65
Stochastic oscillator: 87.0366
MACD 15’: +0.805758
RSI 15’: Downward sloping at 63.1252