Ethereum Bounce Back Risk Grows As Price Reaches $145 Support

A huge Ethereum bounce back risk grows even further as the price failed to clear the $162 resistance and it even declined against the US dollar. The price is approaching the major $145 support level where the bulls could take the lead as we are reading ethereum price news.

Another monthly low is forming close to the $148 and the price is in consolidation mode. There are two bearish trend lines that are forming between the $161 and $165 on the hourly charts of the ETH USD pair and the bulls will likely take a stronger stand as long as the price stays above $145. Ethereum started an uptrend recently from the $150 support area against the US dollar and the price climbed above the $155 and $160 resistance levels as well.

The price reached a strong resistance level close to the $162 and the 100 hourly simple moving average and there were two bearish trend lines forming with a resistance close to the $161 and $165 on the hourly charts as well. A swing high was forming close to the $163 level but the ethereum price declined dramatically. It seems that Ether got rejected above the $162 resistance and the 100 hourly SMA but the decline happened because the price broke the $150 support and traded to a new monthly high of $148. Looking at the upside, there was an immediate resistance close to the $154 zone and the 50% fib retracement level from the decline of $163 high to the $148 level is also nearing the $155 level. The main resistance is still close to the $162 level and the 100 hourly simple moving average as the Ethereum bounce back risks grow.

An increase to the $162 zone could have to start soon in order to reach another strong increase in the upcoming sessions. The next major resistance can be seen at the $168 and $170 levels. Looking at the downside, the major support waiting close to the $145 area and if there is a bearish break below the support level, the price could leap to the $120 level and the bulls will likely aim for a stronger recovery above the $162 support level as long as the price is about $145.

The simple market cycle fractal shows that Ethereum could be on a verge of another massive parabolic bull run rally. One trader even shared some images suggesting that Ethereum’s price action could be coming soon which is similar to the price of Bitcoin before the rally formed from $500 to $20,000. These implications refer to Ethereum following the Bitcoin market cycle so that it reaches a multiyear rally ahead of itself.