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Fresh Increase In ETH?

SourceOriginal
#1
Ethereum rallied towards $170 and bitcoin jumped towards $9,000 before starting a downside correction. However, dips in ETH price remains supported near $158 and $155.
* Ether price started a downside correction the new 2020 high at $172 against the US Dollar.
* The price is currently trading below $165 and it could extend its decline.
* There is a major declining channel forming with resistance near $165 on the hourly chart of ETH/USD (data feed via Kraken).
* The pair could test the key $155 support area before it starts a fresh increase in the near term.

As mentioned, the $155 area is a crucial support. As long as ETH price is above the $155 level, the bulls are likely to remain in action. On the upside, an initial resistance is near the $164 level.
The main resistance is near the $165 zone and the channel upper trend line. A clear break above the channel resistance is likely to set the pace for more gains in the coming sessions. The next hurdles are near $170-$172, above which Ethereum is likely to climb towards the $180 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level, with a few negative signs.
Major Support Level – $155
Major Resistance Level – $165
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