It seems like the crypto sphere is buzzing today. The Ethereum price gains momentum, which is apparently triggered by the Bitcoin bull run and 2019 high as seen in the latest cryptocurrency news. What’s interesting is that Ethereum (ETH) was struggling over the past couple of days but immediately found support near the $164 and $165 level while smashing the $170 price target.
There is a clear breakout pattern that is forming on the hourly charts as ETH is preparing to break the $172 level and potentially climb to $176 in the daily highs. Currently, the Ethereum price gains momentum but is facing a strong resistance near the $172 level. There is also an obvious breakout pattern that is forming with resistance set at $172 – from its $180 high to the $164 low which are both acting as resistance marks near the current levels.
Therefore, as the Ethereum price gains momentum, a successful break would open the gates for more gains in the near term. Furthermore, the coming altcoin news show that the next key resistance is near $176 above which the price will possibly test the $180 level and surge to new 2019 highs.
Seeing the strong Ethereum momentum right now, we can see that the bulls are coming back to their territory. As the charts indicate, the Ethereum price seems to be gaining pace above the $170 level. Still, the bulls need to take care of the $172 resistance level as the Ethereum price gains momentum – pushing towards the $180 level really soon. The chances of a $180 high are very possible if the bulls remain in action over the next couple of sessions.
The technical indicators for the current Ethereum momentum are as following:
- Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone, with a positive bias.
- Hourly RSI – The RSI for ETH/USD climbed back above the 50 level and it is currently near the 60 level.
- Major Support Level – $168
- Major Resistance Level – $172
A lot of analysts are featured in the altcoin news for their predictions as the Ethereum price gains momentum. What’s certain is that there has been a major influx of money on the market and Ethereum’s $6.54 billion trading volume is a solid and very positive indicator considering new gains in the near term.
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