Ethereum market update: ETH/USD zooms past $170 following triangle breakout
|- Attempts to touch $170 were met by increasing selling pressure on May 1.
- Bulls increased their grip on the market on Friday with the price spiking in an engulfing candle.
Ethereum is among the biggest single digit gainers on Friday. The gains come after the market recovered from the dips it experienced last week, in turn, starting May in a bullish zone that it likely to see new 2019 highs posted. In the declines, ETH/USD explored the levels slightly below $150 forming a low around $148.04 before retracing the steps above $160 on April 30 and May 1.
Attempts to touch $170 were met by increasing selling pressure on May 1 leading to correction from the high at $167. Both the 100 SMA and the EMA200 caved in as support lines. However, the 100 SMA 1-hour came in handy as a barrier to the losses. The price consolidated the small losses between $160 and $162.50 while grinding closer to the triangle breakout, see chart.
Bulls increased their grip on the market on Friday with the price spiking in an engulfing candle whose wick touched $172.50. The bullish momentum appears to have fizzled out at the rising channel resistance and Ethereum has retreated to $169.84.
On a positive side, the technical indicators’ signals are still very positive and show no sign of the bulls being exhausted in spite of the overbought levels. The RSI at 82.35 is ranging while the MACD at +1.36599 is moving upwards. Therefore, ETH/USD is poised to reclaim support at $170 and extend above intraday highs at $172.50.
ETH/USD 1-hour chart
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