The Currency Analytics
By TCA PR
Is Ethereum Price Really Getting Close to Resistance
ETH’s Buying Signal
A number of crypto analysts believe that there will be an interesting week for the second largest crypto asset by market capitalization - Ethereum (ETH).
It’s good to note that Ethereum successfully bounced oddly the support level of $155, which made the possible next resistance level close to $194.60 stronger.
The recent consolidation of ETH resulted to testing the mid-Bollinger band. After that, the support level significantly helped the crypto asset from a further price drop.
A few days ago, both the Bitcoin (BTC) and ETH experienced a strong recovery against the US Dollar.
During the aforementioned rise, many folks have witnessed a break above the significant bearish trend line close to the $161 level in the ETH/USD hourly chart.
Furthermore, ETH made it rally to 5% and currently trading close to the resistance level of $170.
If the bulls can successfully break the price above the resistance of $170, then the price of ETH will surge higher towards the resistance level of $180.
Based on the TD sequential indicator, ETH shows signs of buying signal after the two green candlesticks started trading above the existing green one candle.
In the case that ETH continues to signal for an uptrend, then the next major target will be $190 resistance level. Under that level, you can find about 3.
On the other hand, if the bullish momentum can break above that level, the next resistance level will be $205 and $253.
Meanwhile, analysts also expressed that Ethereum has high chance of struggling just to reach the $170 level.