Ethereum aims at $175

09.04.2020 12:42:59

Ethereum is consolidating above the level of 165, which now acts as a support for the ETH/USD pair. It seems that traders are taking profits before making a new jump to area 175.

Ethereum was able to break above the mark 170, but this level provides sufficient resistance. At the time of publication, the price of the Ethereum is $170. If Ethereum can gain a foothold above the mark of 170, this level will provide enough support for the bulls that are activated after it passes. However, on the hourly chart of the ETH/USD pair, a triangle forms with a resistance of about $174. If the ETH/USD pair can rise above this resistance, it will receive an impulse in moving to the next resistance level in the region of $180.

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On the other hand, if the ETH/USD pair fails to gain a foothold above 170, it may fall to support level 165. In case of breakdown of this level, bears will aim at 162, where the 100-hour moving average is located. Movement below the 100-hour SMA may lead to a decrease in the price of ETH/USD pair to $158.

Thus, we have two boundaries of the trading range for the ETH/USD pair: $170 and $165. And in the coming hours, we will see how the ETH/USD pair behaves.

The RSI technical indicator signals a bullish movement and is above level 50.