- Ethereum is grinding upwards into a possible falling wedge pattern breakout.
- The support at $160 came out strongly on Friday, allowing a shallow recovery above $160.
Looking back at the performance of Ethereum in the last five days, we can see the tug of war that has ensued between the bulls and the bears. Unfortunately, for the bulls, the bears have mostly had their way until now. Following the achievement of the yearly high at $179.52, Ethereum buyers lost balance and allowed the sellers to forge revenge. The momentum has been breaking one support after another including the key $168, $164 and $160 support zones.
The losses on Friday explored the rabbit hole beneath $160. However, the buyers were waiting to buy at $155. At the time of writing, an ongoing bullish reversal has made it above $160. Moreover, ETH/USD is exchanging hands at $160.53.
ETH/USD 1-hour chart
Technical levels are also starting to align in support of a recovery movement towards $165 (next resistance target). The Relative Strength Index (RSI) bounced off the oversold at 30 and has been able to sustain upward motion above 50. Traders should be on the lookout for where the RSI leads to next. The continued upward movement will support ETH towards $165 and $168 respectively. On the flip side, return towards 30 (oversold region) will signal a reversal with Ethereum diving back to the support at $155.
In spite of the shallow recovery, bearish pressure has not entirely been removed from the market. This is evident with the still bearish session of Elliot Wave Oscillator.
Ethereum Key Levels
Spot rate: $160.61
Relative change: -1.81
Percentage change: -1.31%
Key support $155
Resistance: $165 and $168
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