Ethereum is currently correcting lower from the $176 monthly high against the US Dollar. ETH price remains well supported on the downside near the $162 and $158 levels.
- Ethereum is correcting lower and trading below the $170 level against the US Dollar, similar to bitcoin.
- The price is holding the main $162 and $158 support levels.
- There is a key contracting triangle forming with resistance near $170 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rally again towards $180 as long as there is no close below the $158 support.
Ethereum Price Remains in Uptrend
Yesterday, we saw a sharp rise in Ethereum above the $160 and $170 levels against the US Dollar. However, ETH price struggled to clear the $175 resistance and the 100-day simple moving average (as discussed in yesterday’s analysis).
A new monthly high is formed near the $176 level and the price recently corrected lower. It broke the $170 level to start the correction. There was a break below the 23.6% Fib retracement level of the upward move from the $140 swing low to $176 high.Key Buy Zones
On the downside, Ethereum is likely to remain well supported above the $162 levels. The next major support is near the $158 level. It coincides with the 50% Fib retracement level of the upward move from the $140 swing low to $176 high.Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently declining and approaching the 50 level.
Major Support Level – $140 Major Resistance Level – $145 Risk disclaimer: 76.4% of retail CFD accounts lose money.