- Ethereum reacted alongside Bitcoin to correct above $177 only to lose steam short of $180.
- ETH/USD is strongly supported at numerous levels; hints further growth in the near-term.
Ethereum continues to trade higher highs and higher lows although its upside is capped below $180. The upward movements come after the crypto witnessed losses below $170 on Sunday. A low was formed at $166.78, in turn, giving way for a correction past the 50 SMA 15’, the 100 SMA 15’ and eventually the 200 EMA yesterday. ETH/USD bulls pushed the price further above $173 hurdle. Further retracement made it above $177 but lost momentum at $177.69.
Meanwhile, the 15’ chart shows short-term support having been established at $175.00 while ETH/USD trades atv$17593. A building bullish momentum could lead to a breakout above the initial resistance at $176.32 according to the confluence detector tool. The confluence at this level includes the previous high 15’, 10 SMA 15’, the Bollinger Band 15’ middle, 5 SMA 1-hour, previous high 1-hour, 5 SMA 15’ and the previous low 4-hour.
A correction above this level will come face to face with more resistance at $178.15. The confluences here are the previous high 4-hour, previous week high, Bollinger Band 4-hour, pivot point daily R2, Bollinger Band 15’ upper and the Bollinger Band 1-hour upper. Moreover, this level is likely to catapult Ethereum above $180 and place in the path towards $200.
Meanwhile, if the trend reverses, initial support can be observed at $172.67. The confluence at this level includes the 23.6%bFib level daily range, 5 SMA daily, 100 SMA 4-hour, Bollinger Band 4-hour middle and the 100 SMA 1-hour.
In addition to the above support, Ethereum is strongly supported at $170.85, $169.03 $161.7 and at $158.08 the respectively confluences are available on the confluence detector tool.
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