- Ethereum surged posting formidable gains that touched $180 (resistance congestion area).
- Ethereum is strongly supported at $160.70 and $154.80.
Ethereum continues to make headway above the support congestion zone between $155 – $160. The price recently surged posting formidable gains that touched $180 (resistance congestion area). A flash drop on Wednesday evening sent ETH/USD back to the support area at $155 – $165. However, it seems that the retracement was a necessary setback because it has allowed the bulls to increase their positions sending Ethereum above $165.
The journey to the target at $175 will not face acute resistance as per the confluence detector tool. Initial resistance is seen at $166.88: Previous high 4-hour and previous high 15-minutes. If ETH/USD sustains growth above this level, the next significant hurdle will be faced at $170.34: Pivot point 1-day R2. A breakout is expected on touching $175.52: Pivot pint 1-month R3and the Bollinger Band 4-hour upper.
In the event the trend reverses, the first important support is $160.70: Pivot point 1-week R3, 50 SMA 15-minutes, 10 SMA 4-hour, pivot point monthly R2, Bollinger Band 4-hour middle and 10 SMA 4-hour. Further down, the digital asset will find solace at $154.80: Previous low 1-day, pivot point 1-week R2, pivot point 1-day S1, 5 SMA daily and 200 SMA daily.
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