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…
To read the entire article click here
Author: Aayush Jindal