Ethereum price analysis: ETH/USD breaks above descending channel resistance
- Ethereum bulls push for a reversal above the falling channel.
- The ongoing bullish momentum targets $170 in the short-term.
Ethereum is current extending gains from a reversal from the support congestion zone $160. The second largest digital asset been trading lower highs and lower lows since Friday last week when it sprung up to weekly highs around $0.172.23.
The declines corrected below both the 50 Simple Moving Average (SMA) 15-minutes, the 100 SMA and the 200 Exponential Moving Average (EMA). However, attempts to recover above this same technical levels have been unsustainable.
The bulls have, however, pushed for a reversal during the European trading session on Monday. A break has occurred above the 100 SMA, falling trendline resistance, EMA200 and the 50 SMA. The price currently at $165.06 has formed an intraday high around $166.13. The ongoing bullish momentum targets $170 in the short-term but first, the bulls must clear the resistance at $168 supply area. As far as support levels are concerned, Ethereum is supported strongly at $160 and $150.
ETH/USD 15’chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
