The Ethereum news today show that the price of ETH, the biggest altcoin, is currently correcting its losses after it traded as low as $153 against the US dollar. Now we can see that Ethereum rebounds, all while the Bitcoin price is struggling to recover above the $7,500 and $7,600 resistance levels.
The followed bearish trend line from this week is still active with resistance near $164 near the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to face a strong resistance near the $164 and $165 levels in the near term.
Yesterday, we could see a massive decline in the Ethereum below the $170 and $165 support levels against the US dollar. As Ethereum rebounds below the $165 support and the 100 hourly simple moving average, the situation opens the doors for more losses and the price traded below the $160 support. Finally, the spike below $155 led the price of Ethereum to trade as low as $153 in the daily crypto news.
Additionally, we could see an upside correction above the $155 and $158 levels – and a break above the crucial 23.6% Fibonacci retracement level of the downward move from the $178 high to the $153 low. Recently, it started an upside correction above the $155 and $158 levels.
We could see a break but also conclude that Ethereum rebounds and is currently consolidating above $160. However, the hurdles are real and especially seen on the upside near the $164 and $165 levels.
More importantly, the week’s followed bearish trend line is still active with resistance near $164 on the hourly chart of the ETH/USD pair. The trend line also coincided with the 50% Fib retracement level of the downward move from the $178 high to the $153 low.
Aside from this, the 100 hourly SMA is also positioned near the $165 level. Therefore, a new upside break above the $165 resistance is needed for a new swift recovery in the $170 and $172 resistance levels. If Ethereum rebounds and manages to do so, it could start a new bull run. On the other hand, a price that fails to recover could resume the decline – where support is positioned near the $153 low. Any of the further losses might call for a break below the $150 support area.
When looking at the chart, we can see that ETH is clearly facing a lot of barriers on the upside right now – especially near the $164 and $165 levels.
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