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Ethereum Price Analysis: ETH/USD creeps back above $160

FX Street
Updated:
  • ETH/USD found support at the upward trending line.
  • The Elliott Oscillator has had three red sessions out of the last four.

ETH/USD daily chart

ETH/USD daily chart

ETH/USD bounced off the support at the upward trending line and went up from $156.77 to $160.05 this Tuesday. The bulls will want to end the day strong and aim to break past the $166.45 resistance line. By doing so, the price will trend above the SMA 50 as well. The second resistance lies at $174. If the bulls somehow garner enough momentum to do so, ETH/USD will break above the SMA 200. The MACD indicates decreasing bullish momentum, while the Elliott Oscillator has had three red sessions out of the last four.

Key levels

 

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