Ethereum (ETH) Price Analysis: ETH Struggles To Break $172 After Epic 20% Weekly Surge

  • Ethereum dropped by 2.5% today after struggling at the $172 resistance level.
  • The cryptocurrency has surged by a total of 20% this week after rising from $145.

Ethereum saw a strong 20% price increase this week after breaking above resistance at the $145 level. The cryptocurrency continued to rise higher to meet resistance at $172 which is provided by a bearish .5 Fibonacci Retracement level. 

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Since reaching this level of resistance, Ethereum has rolled over and dropped to the $169 level, however, the buyers still remain in control.

Ethereum Price Analysis

ETH/USD – Daily CHART – SHORT TERM

ETH/USD. Source: TradingView

Market Overview

Since our previous ETH analysis, we can see that Ethereum continued to drive higher above the previous resistance at $145. It went on to rally as it broke above resistance at $160 to reach as high as $172 where it met the resistance at bearish .5 Fibonacci Retracement level.

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Over the last 4-days, the cryptocurrency has battled with this level as it struggles to comfortably break above. It did run higher into the $177 resistance (1.414 Fib Extension) but quickly retreated back beneath $172.

Today, ETH dropped beneath the $172 resistance to trade at $169, however, with the RSI above the 50 level, the buyers still remain in control of the market momentum.

Short term prediction: BULLISH

ETH can now be considered as bullish in the short term and would need to drop back beneath $160 before turning neutral.

If the buyers managed to close above $172, the first level of resistance is located at $176.50 (1.414 Fibonacci Extension level). Above this, resistance lies at $180, $187 (1.618 Fib Extension), $191 (bearish .618 Fib Retracement), and $200.

Toward the downside, the first level of strong support lies at $160. Beneath this, support lies at $150, $145, $140, and $135.

Key Levels

Support: $160, $150, $145, $140, $135, $130, $120, $116, $110, $104, $100, $92.85, $80, $76..

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