RATE Group | Ethereum Rallies 5%: Is This A False Breakout or Real Move To $200?
77194
wp-singular,post-template-default,single,single-post,postid-77194,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Ethereum Rallies 5%: Is This A False Breakout or Real Move To $200?

27 Jan Ethereum Rallies 5%: Is This A False Breakout or Real Move To $200?

Posted at 04:12h in Ethereum News by

[ad_1]

Ethereum found support near the $158 area and climbed around 5%, just like bitcoin. However, ETH price is facing a strong resistance near $170, above which it could continue higher.

  • After forming a support base near the $158 level, Ethereum recovered above $162 against the US Dollar.
  • The price is up more than 5% and it broke the $165 resistance area.
  • There was a break above a key bearish trend line with resistance near $161 on the hourly chart of ETH/USD (data feed via Kraken).
  • The bulls need to gain strength above $170 for more upsides in the near term.

Ethereum Price Approaching Resistance

Recently, there was a strong recovery in both bitcoin and Ethereum from $158 and $8,200 against the US Dollar. ETH price was able to climb above the key $162 resistance and the 100 hourly simple moving average to move into a positive zone.

During the rise, there was a break above a key bearish trend line with resistance near $161 on the hourly chart of ETH/USD. More importantly, the bulls were able to…

[ad_2]

Source link