Ethereum price analysis: ETH/USD commences fresh consolidation; is an uptrend possible?
|- The impressive surge within an ascending channel had ETH/USD trade above a few key hurdles at $165, $170 as well as $180.
- Technical analysis suggests that the prevailing trend will remain sideways above $170.
Ethereum recent brief rally had strong legs with a foundation from the support congestion at 4160. The impressive surge within an ascending channel had ETH/USD trade above a few key hurdles at $165, $170 as well as $180. The price came close to $185 but reversed the trend on trading weekly highs of $184.085.
Declines from the highs mentioned saw the crypto plunge exploring the levels below $170. Both the 100 SMA 1-hour and EMA200 failed to stop the declines which later took a pit stop at $165 close to the 50 SMA 1-hour. Meanwhile, we have seen a recovery above $170 but the upside is limited at $172.48.
Technical analysis suggests that the prevailing trend will remain sideways above $170 while supported by the 100 SMA, EMA200 and the 50 SMA 1-hour. The RSI is sloping slightly upwards at 48.57 to that the bulls have the strength to sustain the price above $170 and even push for a correction heading to $175.00. Clearly, the path of least resistance is upwards sideways but mostly sideways.
ETH/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.