ETH/USD commences fresh consolidation; is an uptrend possible?

  • The impressive surge within an ascending channel had ETH/USD trade above a few key hurdles at $165, $170 as well as $180.
  • Technical analysis suggests that the prevailing trend will remain sideways above $170.

Ethereum recent brief rally had strong legs with a foundation from the support congestion at 4160. The impressive surge within an ascending channel had ETH/USD trade above a few key hurdles at $165, $170 as well as $180. The price came close to $185 but reversed the trend on trading weekly highs of $184.085.

Declines from the highs mentioned saw the crypto plunge exploring the levels below $170. Both the 100 SMA 1-hour and EMA200 failed to stop the declines which later took a pit stop at $165 close to the 50 SMA 1-hour. Meanwhile, we have seen a recovery above $170 but the upside is limited at $172.48.

Technical analysis suggests that the prevailing trend will remain sideways above $170 while supported by the 100 SMA, EMA200 and the 50 SMA 1-hour. The RSI is sloping slightly upwards at 48.57 to that the bulls have the strength to sustain the price above $170 and even push for a correction heading to $175.00. Clearly, the path of least resistance is upwards sideways but mostly sideways.

ETH/USD 1-hour chart

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