Ethereum price analysis on April 17

Key points

Ethereum formed good support around $155 and rebounded well.

Ethereum gained momentum above the $162 and 10-hour SMA.

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In the process of rising, Ethereum broke through the key bearish trend line highlighted yesterday, with a breakthrough level of $164.

Ethereum is accelerating to climb towards $168 and is likely to continue to climb towards $175.

Ethereum price analysis

Recently, Ethereum experienced a wave of downside corrections and fell below $160. The price of the currency even fell below $155 and is located in the 100-hour SMA. However, $155 is a very solid support level, and the price then starts to rebound after that. During the ascent, Etheree once again broke through the resistance of $160 and the last volatility of the 50% Fibonacci retracement (from a high of $170 to a low of $155).

More importantly, in the process of rising, Ethereum broke through the key bearish trend line highlighted yesterday, with a breakthrough level of $164. Soon after, it also broke through the $162 resistance, the 100-hour SMA and the 61.8% Fibonacci retracement of the last decline (from a high of $170 to a low of $155). Ethereum is close to $170 and has set a new high at $168. Currently, prices are breaking through the trend line and consolidating gains above the 100-hour SMA. The first support is at $165 and the last volatility of the 23.6% Fibonacci retracement (from a low of $155 to a high of $168).

If the price can break through $168 and $170, it will open the door for further gains. The buyer's next target may be $175, and Ethereum may encounter sellers here. If the price can break through the $170 resistance level, the price will move in the direction of $180.

As can be seen from the chart, Ethereum showed positive signs above $165 and $162. In the short term, prices may fluctuate above the $162 level. If a callback occurs, the price may test the 50% Fibonacci retracement of the last volatility (from a low of $155 to a high of $168). In the end, the price could break through $170 and test $175.

Technical indicator signal

MACD per hour – MACD rebounds to bullish range

RSI per hour – RSI rebounds to above 50, currently close to 60

Main support level – $162

Main resistance level – $170

Author: Kiran
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.

Disclaimer: This article market analysis is for reference only and does not constitute any investment advice or advice. Risk control, thank you.

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