Ethereum Price Analysis: ETH/USD is hovering below a major resistance zone
- Ethereum is one of the best performing cryptos on Thursday after pushing over 13% higher.
- There is a key resistance at 176.82 there the price looks set to test at any point.
ETH/USD 4-hour chart
Ethereum has pushed higher on Wednesday after a great session for cryptocurrencies. The ETH/USD pair has moved above the 55 and 200 period moving averages, which is also a bullish sign.
The main area on the chart is the black resistance zone above the current price. The market reached 176.82 on April 7th and now the bulls are looking to test the level again. Since finding support at the 150.00 level it seems like the bulls have been looking to break the zone.
If the bulls do manage to break the resistance level the psychological 200.00 level could be the next target. If not, then the red support area back at 150.00 could be tested again. Ethier way, there are good some good signs that the pair might move higher.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
