ETH Remains In A Larger Uptrend Reaching $161 Level

ETH remains in an uptrend after being down by 10% from the $175 monthly high against USD and BTC. The ETH price is still moving above the $145 support level after it started a fresh decline from the $175 and $180 against the US dollar. Let’s read more in the Ethereum news.

There was another break below the $162 support but the price is still going above the 100 simple moving average and there is another key connecting bullish trend line forming to the $155 resistance line on the 4-hour charts of the ETH/USD pair which is likely to bounce back as long as it is going above the $145 and $150 support levels. Over the past week, the ETH price made a few attempts to try and recover the strength above the $175 level against the USD but it didn’t manage to do so. Ethereum formed a new high at the same level and started a fresh decline after.

There was another break below the $165 support level which was the entry for a short-term bearish zone. The price traded below the 50% fib retracement level of the upward move to the $141 swing low to the $175 monthly high. The coin is now trading below the $160 support but it is holding the 100 simple moving average.  There is also another connecting bullish trend that is forming with support close to the $155 on the charts. The 61.8% fib retracement level from the upward move of $141 to the monthly high of $175 is also acting as a support level. If the ETH price downside breaks the $155 level, the price could continue declining.

The next major uptrend for the cryptocurrency is close to the $145 level but if the bulls fail to keep the price above the $145 support, it could slide to the $132 support level. If the ETH price remains above the $145 support and 100 simple moving average, Ethereum could go into a new increase again with the $162 serving as the new resistance. The first major resistance is close to the $168 level and the bearish trend line while a successful close above this level is about to push the price to the $175 resistance level. Reddit is among the most popular social media and now it is experimenting with the Community Points based on the Ethereum blockchain in a form of ERC-20 tokens.