Ethereum price rebounds towards the $180 level after a massive decline below the $170 support level. Will the ETHUSD pair extend its recovery to $200?
Ethereum Price Medium-term Analysis
Yesterday October 25, the price of Ethereum (ETH) was in a bullish trend. The bulls regained control of the market and pushed Ethereum price from $160 to $181, breaking above the 20-day Simple Moving Average (SMA). Nevertheless, it seems that bulls are exhausted as they have failed to continue the uptrend. At the time of writing, Ethereum price is trading at the $179 level.
On the upside, if more buyers emerge, the coin will face resistance at the $190 and $200 price levels. On the other hand, if the bulls fail to break the resistance level, the crypto’ price might remain range-bound for a few more days. Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
ETHUSD Price Short-term Analysis
On the 1-hour chart, ETHUSD price is in a bullish trend. The pair was trending in a narrow range between $159 to $163 before it surged to $181. After meeting resistance at $181, it bounced down and then came back strongly to go up to 183.
Currently, the price of ETH needs to break above the resistance provided by the SMA 50 curve.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $185, $190, $200
- Support Levels: $175, $170, $160
Disclaimer
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.