Ethereum price analysis: ETH/USD nurtures a breakout

Ethereum keeps bouncing off the short-term ascending trendline.
The RSI suggests that the bulls will continue to nurture the gradual uptrend.

Ethereum is creeping higher on Friday after enduring some really rough waters in the past couple of days. The losses that gripped the crypto led to overarching declines below several support areas including $170 and $160. The bearish action proceeded under $155 but formed a low at $153.28.

The struggle to secure higher ground has been real for the bulls. However, the Ethereum currently teeters within an ascending channel. Moreover, Ethereum has broken above the descending trendline resistance.

While ETH/USD is trading at $161.98 its immediate upside limited by the 50 Simple Moving Average (SMA) on the one-hour chart. The push to step on higher grounds above $170 will have to deal with the resistance at the 100 SMA currently at $168.17.

The Relative Strength Index (RSI) at 50 is gradually slopping upwards. The RSI has been keen on forming a higher low pattern since the recent dip to 16. Movement toward 70 is bound to encourage more buying entries which are likely to boost ETH above $170.

ETH/USD one-hour chart

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram