Ethereum price showed a decrease yesterday, breaking through support levels of $180 and $175. At the time of publication, the ETH/USD pair is trading around $173. If the correction of the ETH/USD pair continues soon, the support levels of $165, $160 will come into play. In the area of these levels, bulls are activated, as these are profitable entry points to the market in the current situation.
And this morning it is confirmed. The ETH/USD pair is showing growth. Ethereum began to rise from $167, rose above $170 and came close to $175.
Now the first initial resistance for the pair ETH/USD is the level of $173. This is followed by a level of $175. To continue its growth, the ETH/USD pair should close above $175 and show growth above $178, here the ETH/USD pair will need to break through a simple moving average. The area of $185-$188 will provide the pair ETH/USD with sufficient resistance.
On the other hand, immediate support is near the level of $165. This is the level that will ensure the increase in Ethereum purchase volumes, thereby pushing prices up.
Below this level, the level of $160 provides sufficient support (last week this level provided resistance for the ETH/USD pair). If the ETH/USD pair falls below the support level of $160, the bulls may lose control.
Technical indicators indicate the beginning of a decline in the ETH/USD pair. MACD is formed below zero, and RSI is formed below level 50.