Ethereum Market Update: ETH/USD where to next after conquering $160 resistance?

Ethereum bulls are feeling energetic on Wednesday as the Asian session paves the way for the European session. For a couple of days, the price struggled with the resistance at $160 after the rejection from highs around $176 found support at $150.

Following a 1.16% growth on the day, Ether is teetering at $160.39. The cryptoasset has also adjusted upwards above the trendline resistance and now seats comfortably above the moving averages. In the 4-hour range, the 100 SMA is holding the ground at $157.38 while the 50 SMA will provide support but currently lies at $156.

The RSI, in the same range, is above the average after the momentum stalled at 60. The trend is likely to remain sideways between 50 and 60. This way, ETH/USD could embrace consolidation as buyers gather the strength to push for gains above $170. The MACD’s horizontal movement within the positive region puts emphasis on a possible sideways action with a bullish bias.

Ethereum resistance and support areas

Resistance one: $163.09

Resistance two: $178.12

Support one: $159.74

Support two: $153.06

ETH/USD 4-hour chart