Ethereum Price Analysis: ETH/USD lift of to $170 depends on key bullish pattern breakout

Ethereum has remained relatively stable over the last few days following the reversal from the recent low around $124. Other major cryptocurrencies such as Bitcoin (BTC) and Ripple (XRP) have been stable except for the attempts made to clear the resistance at $6,800 and $0.18 respectively. ETH/USD also pushed for gains above the initial key support at $130. The price climbed above $135 and approached $140 resistance. However, the buyers hit a wall at $139.04 halting the bullish action.

Ethereum price is gearing up for a surge to $170

According to a popular analyst on Twitter, Josh Olszewicz, the second-largest cryptocurrency is on the verge of another bullish technical breakout that would see it rise above $170. He notes that the “4h ETH tri w/desc vol. Daily bbands leaning bull. 50/50 overall. 200 if up, hopefully not 0 if down.” In his opinion, the “cloud breakout will be obvious, if it occurs. Should move quickly to $170.”

Ethereum price technical picture

Looking at the 4-hour chart, we can tell that Ethereum is fully in the hands of the bulls. The price is trading above the moving averages whereby the 50 SMA and the 100 SMA have been turned into support lines. The RSI in the same range also shows a stronger bullish momentum above 60. The MACD’s position in the positive region also cements the influence the bulls have over the price. A break above the hurdle at $140 will set the stage for more upside action, bringing ETH/USD closer to the breakout shared by Josh Olszewicz.

ETH/USD 4-hour chart