Ethereum price recovered recently, but upsides were capped near $160.00. ETH/USD must stay above the $153.50 support to bounce back in the near term.
- Ethereum price struggled once again to clear the $162.00 resistance zone.
- ETH/USD is following a major ascending channel with support at $154.10 on the 30-minute chart.
- The price may bounce back if there is no close below the $153.50 support.
Ethereum Price Analysis
After trading as low as $146.00, Ethereum price recovered nicely above the $150.00 and $154.00 resistance levels. ETH even moved above the $160.00 level, but it faced a strong selling interest near the $162.00 level.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair even traded as high as $162.71 and later started a downside correction. It declined below the $160.00 level, but it is still above the 25 simple moving average (30-min).
During the decline, the price broke the 23.6% Fib retracement level of the recent recovery from the $146.00 low to $162.71 high. On the downside, there is a strong support waiting near the $153.50 level and the 25 SMA.
More importantly, there is a major ascending channel formed with support at $154.10 on the same chart. The channel support is also close to the 50% Fib retracement level of the recent recovery from the $146.00 low to $162.71 high.
Therefore, the $153.50 and $154.10 levels are likely to act as strong buy zones in the near term. If buyers fail to keep the price above the $153.50 support and the 25 SMA, there could be heavy declines below the $150.00 support.
On the other hand, if there is a decent reaction near the $153.50 support, the price will most likely climb higher. However, buyers need to clear the $160.00, $162.00 and $165.00 resistance levels to place the price back in a positive zone.
To sum up, Ethereum price remains at a risk of more losses until there is a close above the $162.00 and $165.00 resistances. The main supports on the downside are at $153.50, $152.00 and $150.00.
The market data is provided by TradingView, Bitfinex.