ETH/USD Price Analysis: Bulls to possibly target $170 resistance level?

• ETH/USD is currently priced at $166.30.
• The bulls will be attempting to target the $170 resistance level.

ETH/USD is currently priced at $166.30 as markets opened this Wednesday. The $170 resistance level has been a bane for Ethereum bulls over the past few weeks. The bulls will be attempting to test the $170 level again. If the bulls can breach past $170, then they may be able to take the price all the way up to $175.

ETH/USD Daily Chart

• The daily ETH/USD price charts a triangle formation from which the market has had a bullish breakout.
• The 20-day Bollinger band shows decreasing market volatility.
• This Tuesday, the bulls found support from the SMA 20 curve.
• The bears have eked out the bulls to take control over the market as of right now
• The SMA 50 and SMA 200 curves are about to chart a golden cross pattern which is a highly bullish sign.
• The Elliot Wave Oscillator shows decreasing bearish sentiment.