Ethereum Price Nears Key Hurdle: Can Bulls Make It?

The Ethereum price nears a zone where the bulls should be prepared to jump and step in action, the latest cryptocurrency news show. ETH is at the moment slowly recovering higher after trading as low as 8, and the price is trading above the 2 level but has met resistance on the upside.
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After settling below the $160 level, Ethereum started a fresh bearish wave against the US dollar. This was when the ETH price broke the $155 support to move further into a short term bearish zone.

We could also notice a break below the $150 level and a settling down below the 100 hourly simple moving average. The Ethereum price nears new levels after it traded to new monthly lows at $148. Right now, it is correcting higher.

ETH broke the $152 resistance level to initiate a correction. It later surpassed the 50% Fib retracement level of the key drop from the $164 swing high to the $148 low. The price, however, is now facing a couple of hurdles near the $156 and $157 areas.

We can also notice that the 61.8% Fib retracement level of the key drop from a swing high of $164 to a low of $148 is likely to act as a major hurdle. More importantly, yesterday we saw two bearish trend lines in the Ethereum news which are still active with resistance near $160 and $164 on the hourly chart of the ETH/USD pair.

If we see a break above the 100 hourly SMA, the price might test the upper trend line. In this manner, a successful close above the $164 and $165 is needed as the Ethereum price nears new zones. The next key resistance after this is near the $175 level, and any further gains could lead the price towards the $185 and $188 levels.

On the downside, if Ethereum (ETH) fails to continue above the 100 hourly SMA or the $160 resistance, there are strong chances of another bearish reaction. On the downside, an initial support is placed near the $152 level and a connecting bullish trend line placed on the same chart.

We can also see that as the Ethereum price nears new levels, there is also key support forming near $145. If the bulls fail to hold this area, there is a risk of more losses towards $132 and $130.