- Ethereum gears up for another lift-off as technicals fall in line.
- Ethereum emerges bulls above the 50 SMA in its short term trendline analysis.
Ethereum bulls appear to be gathering once again following the battering experienced on Monday. Moreover, the bulls were quite disappointed when the price failed to break above the resistance at $180 on Sunday. Besides, the hurdle at $180 resulted in a shark breakdown below the tentative support at $170.
The downside was impressively cushioned by the congestion of buyers at the 61.8% Fibonacci level of the last drop from $179.57 to a low of $134.60. Also contributing to the support was the ascending trendline (main trendline).
ETH/USD 1-hour chart
Following the dip, Ethereum recovered stepping above the initial resistance at $165. The rising buying activities have pushed past the 50 Moving Average hurdles. The bulls look forward to clearing the 100 Moving Average on the 1-hour chart resistance in preparation for the assault on $170.
Technically, Ethereum is fundamentally ready to tackle the resistance at $170 and $180, respectively. Technical analysis also shows upward motion and growth are possible. The Relative Strength Index (RSI) displays a stronger bullish picture with its movement above the average (50). The volume index also shows the growing volume and coupled with expanding volatility, Ethereum could easily scale the levels above $180 and focus on returning to those past $200.
Ethereum Key Levels
Spot rate: $167.26
Relative change: +0.65
Percentage change: +0.37%
Key support: $165 and $160
Key resistance: $170 and $180