The bullish momentum emanated from the support congestion zone between $160-$162.
To avoid exhaustion at this level, Ethereum must soon break above $170 and put the focus on $180.
Ethereum is still inching closer to the critical resistance at $170 from the previous update where it had just broken past the descending trendline barrier. The bullish momentum emanated from the support congestion zone between $160-$162. This zone has been very instrumental to the buyers who have been fighting to ensure that they stop declines below $160 since Tuesday last week.
Following the breakout on Monday in an engulfing candle, the price zoomed above several key levels starting with the 50 SMA 1-hour, the channel resistance, the EMA200 resistance and the 100 SMA 1-hour. A further movement made pushed the price above $166 hurdle as well as $168. The intraday chart shows the price brushing shoulders at $170 but retraced back to $169.34.
The up-trending RSI shows a building bullish momentum that could soon make headway above $170. The strong bullish trend is confirmed by the rising MACD at +1.352. However, to avoid exhaustion at this level, Ethereum must soon break above $170 and put the focus on $180. Otherwise, the price could retrace back to the bullish zone at $160 – $162 to a fresh buy interest.
ETH/USD 1-hour chart
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