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.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
