Current ETH Price Scenario Could Trigger A New Rally

The past three sessions showed that there was a decent recovery in Ethereum – the coin managed to go above the $155 resistance against the US dollar. The ETH price managed to settle nicely above the $155 pivot area and the 100 hourly simple moving average. This indicates that the current ETH price scenario may mean a new bullish run in the days ahead.

The ETH news also showed that the upward move was such that the price tested the first major hurdle near $160. However, the two bearish trend lines from this week are active with resistance near $160 and $162 on the hourly chart of ETH/USD.

In fact, it was the first trend line for the ETH/USD pair which acted as a key barrier for the bulls and protected more upsides above $160. A high was formed near $160 and the Ethereum price corrected below the 23.6% Fib retracement level from a low of $148 to a high of $160.

In order to start a new strong rally, the current ETH price scenario needs to trigger the bulls to push the price above both trend lines and $164. A successful follow through above the $164 and $165 resistance levels may perhaps initiate a solid upward move in the near future. The next key hurdle is visible near the $175 resistance level.

On the downside, we can spot crucial support forming near the $155 level in the cryptonews as well as a connecting bullish trend line on the same chart. If the price of Ethereum fails to stay above the $155 and $154 support levels, it could also turn bearish.

An immediate support is now near the $150 level, below which the bears are likely to aim a test of the $145 support area in the sessions to come. The technical indicators for the Ethereum price (ETH) now look like this:

• Hourly MACD – The MACD for ETH/USD is right now gaining strength in the bullish zone.
• Hourly RSI – The RSI for ETH/USD is currently just above the 50 level.
• Major Support Level – $154
• Major Resistance Level – $162

Overall, the cryptocurrency market today has retraced and all of the coins in the top 20 are bleeding. The total market cap is at $193 billion, right below the $200 billion mark which still acts as a major resistance point.