Ethereum Market Update: ETH/USD rallies above $170, here is why bulls must break $175
|- Ethereum bulls push strongly through the $170 resistance but still fall short of $175.
- Immense support is expected for Ethereum right from $170, $165 and $160.
Ethereum is reacting in tandem with other major cryptocurrencies on the market ahead of the weekend session. The recent bullish action failed to sustain gains above $170, although a high was achieved at $171.56. For a couple of days, Ethereum consolidated the accrued gains between $165 and $170.
The bullish wave across the board on Friday placed ETH/USD on a recovery trajectory, pulling the price above the critical $170 level. Ethereum is trading at $171.72 after adding 4.67% onto its value on the day.
Ethereum’s strength is opening the door for a massive recovery movement targeting $200. Meanwhile, the short term but critical resistance at $175 must come down to pave the way for the impending action.
From a technical perspective, Ethereum is capable of tackling the hurdles towards $200. The RSI shows that the crypto is not overbought. Therefore, bulls still have room for growth in the short term.
In the event a reversal ensues, traders should be alert for various support levels including $170, $165 and the vital $160. The 50 SMA on the 1-hour chart currently at $164.15 and the 100 SMA at $157.86 will offer support when the time comes.
ETH/USD 1-hour chart
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