ETH price saw some positive moves this past week above $160 against the USD. Moreover, the second largest crypto gained bullish momentum and broke many resistances near $165 and $170.

There was a close above $170 and the 100 simple moving average (4-hours). The price finally traded to a new 2020 high at $179, and it is currently consolidating gains.

It traded below the 23.6% Fib retracement level of the recent upside move from the $165 low to $179 high. The first major pivot on the downside is close to the $172 level. Besides, there is this formation of a key rising channel, with support near $172, on the ETH/USD 4-hours chart.

The 50% Fib retracement level of the recent uptrend from the $165 low to $179 high is also near the channel support area. Therefore, ETH is likely to trade near the $172 area.

On the upside, the first major resistance for the bulls is close to the $180 level. A successful break above this level could pave way for more gains above $190.

The next major resistance above $180 is near the $195 and $200 levels, where sellers are likely to emerge. A successful break above the $200 barrier could pave way for a long term uptrend.

The first major support is near the $172 level, below which the price might extend its correction towards the $165 support. The next major support is close to the $160 zone and the 100 simple moving average (4-hours).

Should the bears succeed in pushing the price below $160 and the 100 simple moving average (4-hours), the price action could turn bearish. Conversely, it is likely to extend gains above the $178, $180 and $185 levels in the near term.

Technical indicators also suggest that the 4 hours MACD for ETH/USD is gaining momentum in the bullish zone. Its 4 hours RSI (Relative Strength Index) is currently well above the 55 level. Major support level is at $165, whereas major resistance level is also at $180.

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