Ethereum (ETH) Price Poised to Shift Upwards, Will The Bulls Succeed?

ethereum ecosystem

On Ethereum news today, we can see that the price of Ethereum has been maintaining the $170 position in the last week. Now traders have started to make plans regarding how they can profit from these recent price changes. The price of Ethereum remains in a decent upward trajectory against the USD. However, the case is different with Ethereum’s price against BTC. The Ethereum live price forecast today shows that the price of Ethereum is in a downtrend against Bitcoin (BTC). Despite the fact that the Ethereum USD live price is undergoing a decent rise, the digital asset is struggling to follow the price of Bitcoin.

From the past week, we understand that the bulls are eager to move upwards for Ethereum. Only time will tell if this will occur. According to data given by coinmarketcap, the price of Ethereum stood at $164.0 as of press time. The digital asset is down by 1.23% against the USD and down by 0.73% against Bitcoin in the last 24 hours. Ethereum has a market cap of $17,380,362,649. Let’s see a weekly analysis of the price of Ethereum.

Ethereum (ETH) Price Today – ETH / USD

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Ethereum Price Prediction: Ethereum Live Price Forecast for the Past Weekly

In the last week, the price of Ethereum formed a decent support above $150. The pair went on to initiate an upward move after the price of Bitcoin launched a strong rise over $5,500. There was also a strong wave above $155 and $156 both of which are resistances. The price of Ethereum even broke $160 and settled upward of the 100 SMA. The bulls succeeded in pushing prices towards $170 a position where sellers began to emerge.

Ethereum Price Prediction: The Price of Ethereum Saw a Downside Correction Just Below $166/$165

A downside correction below $166 and $165 followed. The 50% Fibonnaci retracement level via the last wave from $154 to $169 was breached. The price of Ethereum tested $158-160 both support areas where the bulls put a stop to more losses. It seems the 76.4% Fibonnaci retracement position from the last wave at $154 to $169 acted as a support position. The price of ETH remains above $160 and the 100 SMA.

Ethereum Price Prediction: The Price of Ethereum Likely to Move Higher To the $169/$170 Positions

From the chat, we can see a major contracting triangle forming with resistance positions near $167 via the 4-hour chart of the ETH/USD pair. In the event that there’s an upside break above $165 and $166, the price of Ethereum is likely going to move higher towards $169 and $170. Just above the $170 high, the price of Ethereum is likely going to rally towards $180. On the other hand, when there’s a downside break under $158 which is a support position, the price of Ethereum could start to drop back to the $150 position.

The charts show the price of Ethereum trading above important supports just close to $158. As long as the ETH price is ahead of the 100 SMA, chances are that there will be an upside break over $170 and $172. A primary target for the bulls can at $180. This will be the position were sellers will try to defend a run to $200.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.


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