Ethereum price update: ETH/USD catapults to new daily highs

Ethereum bulls catapult it to new daily highs around $159.12.
Current technical levels indicate that Ethereum is poised for additional movement to the upside.

John Isige FXStreet

ETH/USD is currently extending gains towards $160. Besides, the trend has formed new intraday highs around $159.12. As discussed in an earlier published analysis, the buyers are keeping their focus on $160 in the short-term.

At the moment, with gains of more than 10% on the day, it is only a matter of time before we witness a correction above the $160 hurdle. Meanwhile, ETH/USD is dancing at $157.09. The RSI 1-hour has revamped the trend upwards inside the overbought while the MACD in the same range at +3.39 is still sloping upwards.

Current technical levels indicate that Ethereum is poised for additional movement to the upside. However, in the event, a correction ensues support has been established at $150, the 50 SMA and the 100 SMA 1-hour, $140 as well as $132.00.

ETH/USD 1-hour chart

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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

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