Ethereum fell and slipped to support at $160, but buyers appeared.
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- Analysis of the price of Ethereum on May 8
- Ethereum price analysis on May 6
The price of the currency rebounded and broke through $165 and $166.
During the ascent, Ethereum broke through the contraction triangle in the chart, with resistance at $164.
Ethereum is above the $165 and 100-hour simple moving average.
Ethereum price analysis
Last week, Ethereum fell below the support level of $170 and made a major downside correction. Ethereum fell below the $165 support level and slipped into the direction of $160. However, buyers appeared at $160, preventing further losses. The support level then formed and the price rebounded to above $165. In the ascendant process, Ethereum also broke through the last drop of the 23.6% Fibonacci retracement (from a high of $185 to a low of $160).
More importantly, during the ascent, Ethereum broke through the contraction triangle in the chart, with resistance at $164. In addition, Ethereum is also located above the 100-hour SMA. The deal was once tested at $170, but was always above $165. The first resistance is at $172. The price also represents the 50% Fibonacci retracement of the last decline (from a high of $185 to a low of $160). If the currency price rises further, the pair may test a support level of $174.
The current price trend is relatively positive, and even if it falls, it may be tested at $165. The 100-hour simple moving average and $165 is a strong buying area. If it falls below $165, the price will return to $160. However, if Ethereum wants to rise to $182 and $185, it must first break through $174.
As can be seen from the chart, the price of Ethereum shows positive signs above the $165 and 100-hour moving average. As long as the price is above $165, Ethereum has the potential to break through the $172 and $174 resistance levels. However, there may be strong selling interest at $172 and $174, so the currency price may fall at that time.
Technical indicator signal
MACD per hour – MACD accelerates in the bullish range
RSI per hour – RSI is now well above 60, angle is bullish
Main support level – $165
Main resistance level – $174
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Disclaimer: This article market analysis is for reference only and does not constitute any investment advice or advice. Risk control, thank you.