There has been a downside correction in the ETH news recently, when the cryptocurrency went from $180 to lows below $170 and $166 support levels. However, in today’s analysis, we are seeing a strong technical pattern which shows that Ethereum is gearing for another major surge.
The close below $170 and the 100 hourly simple moving average did a lot of bad things for the cryptocurrency and resulted in a major pullback which was similar to the one seen in Bitcoin. Finally, we could see a spike below the $162 support but the $160 area acted as a strong buy zone.
A swing low is formed now near $160 and the price of Ripple is currently recovering. Ethereum climbed above the 23.6% Fib retracement level recently going from the $179 high to the $160 low. The strong technical pattern is now with resistance near the $170 area and we can see a key bearish trend line forming with resistance near $170 on the hourly chart of ETH/USD.
So, what does all of this mean?
Well, if we see a successful close above the $170 resistance area, we will likely see a new fresh increase towards the $178 and $180 resistance levels. Any further gains could obviously lead the price towards the $200 area. On the downside, the strong technical pattern fails to account for the possible shoulder move to the $162 area. If there is a bearish close soon, the price of ETH is likely to invalidate the highlighted inverse head and shoulders pattern.
The next key support levels are near the $160 and $158 levels. If Ethereum fails to stay above $158, there is a risk of a larger decline in the near term – just like most of the coins in the altcoin news. A situation like that would bring ETH towards the 0 and 8 levels.
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With a price of $167 and 1% gains on the day, ETH looks nice and is definitely one of the altcoins to watch out for in the next period. If its cards play well just like Bitcoin’s, we may see a total crypto market cap of more than $250 billion very soon.
Right now, the technical indicators look as following:
- Hourly MACD – The MACD for ETH/USD is still trying to gain momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is right now above the 50 level, holding a positive angle.
- Major Support Level – $160
- Major Resistance Level – $170
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