Ethereum Price Prediction Today: Calm In The Wake Of A Brief Storm

Fibo Quantum

  • The losses on Monday extended below $160.00 before ETH/USD found solace at $156.53.
  • The buyers should look out for a double-cross of the 12 EMA above the longer term 26 EMA.

ETH/USD is making a grand entrance into the broken range support at $163. This upside correction is happening in the wake of another flash drop witnessed yesterday when Ethereum came down like a stone in the air after the buyers failed to break above $170 resistance. The waterfall drop could not find support at $163 (range support). The losses extended below $160.00 before ETH/USD found solace at $156.53.

Chart source: Tradingview

Significant bullish momentum is building up above $160. Besides, Ethereum is changing hands at $163.13 after zooming above the 12 exponential moving average (EMA). Moreover, there is a new uptrend developing above the short-term ascending trendline. Marginally above the range support, the price is facing resistance from the 26 EMA 1-hour.

All eyes are set on $170 in the short-term as the bulls continue to position themselves following the brief reversal seen yesterday evening (GMT). The retracement was necessary for a proper assault on $170 after the first attempt to break the hurdle failed miserably.

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The gap moving average exponential gap that widened in the reaction to the declines on Monday has begun to narrow. The buyers should lookout for a double-cross of the 12 EMA above the longer term 26 EMA; which will be a confirmation of the bullish momentum likely to zoom past $170.

In the meantime, the moving average convergence divergence (MACD) 1-hour has changed direction upwards after the fall that sent to levels around -1.840344. The signal divergence at -1.115621 says that the trend is in the favor of the bulls. A correction above 0.0 will confirm a retracement to $170.

Ethereum Key Technical Indicators:

12 EMA 1-hour: $162.00

26 EMA 1-hour: $163.23 (former range support).

MACD 1-hour -1.115621

Medium-term target: $170.00

Resistance 1: $163.7081

Resistance 2: $168.00 (range resistance)

Resistance 3: $170.00

Support 1: $162.00 (12 EMA)

Support 2: $160.00

Support 3: $155.00

Summary

Ethereum Price Prediction Today: Calm In The Wake Of A Brief Storm - $170 Is Nigh

Article Name

Ethereum Price Prediction Today: Calm In The Wake Of A Brief Storm – $170 Is Nigh

Description

The losses on Monday extended below $160.00 before ETH/USD found solace at $156.53.
The buyers should look out for a double-cross of the 12 EMA above the longer term 26 EMA.

Author

John Isige

Publisher Name

Coingape

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