- ETH/USD has struggled to stay above the support congestion at $155.00 in the past few days.
- Ethereum is poised for gains that could retest $170 for the second time in the same week.
Ethereum was among the best performers on the crypto market last week. ETH/USD zoomed towards $200 but formed a high at $188.63 before the trend reversed. In the past few days, ETH/USD has struggled to stay above the support congestion at $155.00. In yesterday’s analysis, we talked about the slump below the 50 SMA 1-hour and the 100 SMA, Besides, losses extended below $160 range support.
On finding support at $156.21, Ethereum bulls pushed the price back up forming a fresh uptrend within a rising channel. Currently, the price is trading above the SMAs while the 200 exponential moving average (EMA) is proving immediate support at $166.08. Ethereum is trending upwards at $167.41 while all eyes are set on $170.00 hurdle.
According to technical analysis, Ethereum is poised for gains that could retest $170 for the second time in the same week. The relative strength index (RSI) found balance at 50.00 and is moving upwards at 64.44. A breakout is expected as soon as the indicator re-enters the overbought. A move that will cement the growing trend within the rising channel.
As mentioned support is the 200 EMA assisted by $165.00 and both the 50 SMA and the 100 SMA 1-hour. Additional support is observed at $160, and at the support congestion zone at $155.00.
ETH/USD 1-hour chart
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