Ethereum Consolidates Above $160
Unlike two weeks ago when it managed to break above the important area of resistance in the $150 - $160 zone, Ethereum price had traded sideways for the large part of the previous week. On Thursday, the price action dipped lower to $155 to re-test the broken resistance, but the bulls found enough support to bounce back above $160 again.
The dip lower also tagged the 100-DMA, which remains the key intraday support for the bulls. Generally-speaking, the consolidation is positive for the bulls, since it allows them to consolidate recent gains. As long as Ethereum price trades above $160, the base is set for a potential push higher. Even dips lower are allowed as long as there is no close below $150 on a weekly basis.
On the upside, the price action remains capped with a confluence of strong resistance around the $180 mark. The most recent push higher stopped at $178.97, a zone that is home to the 200-DMA and an important horizontal resistance. A break of this confluence would open the door for more gains as it would become a future support.
In case there is a break this week, watch out for levels around the psychologically-important $200 mark. The 4-month high is located at $199, and that remains the intraweek target for the bulls, while the ascending trend line is the mid-term target, if we can see levels above $230.
The dip lower also tagged the 100-DMA, which remains the key intraday support for the bulls. Generally-speaking, the consolidation is positive for the bulls, since it allows them to consolidate recent gains. As long as Ethereum price trades above $160, the base is set for a potential push higher. Even dips lower are allowed as long as there is no close below $150 on a weekly basis.
On the upside, the price action remains capped with a confluence of strong resistance around the $180 mark. The most recent push higher stopped at $178.97, a zone that is home to the 200-DMA and an important horizontal resistance. A break of this confluence would open the door for more gains as it would become a future support.
In case there is a break this week, watch out for levels around the psychologically-important $200 mark. The 4-month high is located at $199, and that remains the intraweek target for the bulls, while the ascending trend line is the mid-term target, if we can see levels above $230.
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