Yesterday, the $162 and $160 support levels for Ethereum against the USD were very significant. ETH price remained strongly above the $162 level and climbed slowly to trade above $168.

Moreover, there was a break above the 23.6% Fib retracement level of the decline from the $179 high to $160 low. The price even traded above the $168 resistance and the 100 hourly simple moving average.

Finally, it tested the key breakout resistance area close to $170. More importantly, yesterday’s major bearish trend line is still intact with resistance close to $170 on the ETH/USD hourly chart.

The 50% Fib retracement level of the downtrend from the $179 high to $160 low is also acting as a resistance for the bulls. Therefore, a clear break above the trend line and a close above $170 could pave way for more upsides in the near term.

Once the price settles above the $170 resistance, it could gain bullish momentum. The next major resistance is close to the $180 level, above which it could climb towards the $185 resistance level. Any further surges might pave way for a rally towards $200.

Yesterday, a possible inverse head and shoulders pattern with support close to the $162 area was discussed. ETH price remained well grounded above the $162 support, meaning that the pattern is still intact.

To invalidate the pattern, bears need to push the price down below the $162 support. The next major support is close to the $158 level, below which it could trigger a massive downward move.

Overall, ETH remains bullish and it could surge above $170 and $180 in the near term unless there is a break below $158.

Technical indicators also suggest that the hourly MACD for ETH/USD is slowly gaining pace in the bullish zone. Its hourly RSI is currently correcting lower towards the 50 level. Major support level is at $162, whereas major resistance Level is also at $170.

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