Ethereum is up more than 15% and it broke the key $150 and $160 hurdles versus the US Dollar, while bitcoin jumped above $8,800. However, the current price action suggests ETH could correct towards $160 before it continues higher.

  • Ether price rallied significantly after it broke the $148 resistance area against the US Dollar.
  • The price even surged above the $160 level and traded as high as $171.
  • There is a key bullish trend line forming with support near $162 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to correct lower towards $162 or $160 before it starts a fresh increase.

Ethereum Rally Might Pause In Short Term

Yesterday, we discussed the chances of an upside break in Ethereum above the $148 resistance against the US Dollar. ETH price did climb above the $148 and $150 resistance levels, opening the doors for a sharp rise.

As a result, the bulls tool control and the price rallied more than 15%. It broke the $160 and $165 resistance levels. Moreover, there was a close above the $160 level and the 100 hourly simple moving average.

A high was formed near the $171 level and Ethereum seems to be showing signs of a downside correction. It is already below the…

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Author: Aayush Jindal


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