Ethereum price is slowly rising from the $162 support area and could start a decent increase to $180 or $185 if it settles above $170.
Yesterday January 21, the price of Ethereum (ETH) was trading in a bullish trend zone. ETH bulls were able to push Ethereum price above the $162 level. In a slow and steady way, Ethereum price finally surged above $168 and tested the key breakout resistance area near $170. In fact, it traded as high as $179 and settled above the 55 simple moving average (4-hours). Recently, the price started a downside correction. At the time of writing, the coin is trading at the $167 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the price of ETHUSD is in a bullish trend. The pair is showing a lot of positive signs above the $160 level. Therefore, there are high chances of a fresh increase above $170 as long as there is no close below the $160 support.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
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