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Ethereum price is consolidating higher gains beyond key supports the United States Dollar. In sync with Bitcoin, Ethereum could rally an upward correction towards $165 once it overcomes its next resistance at $156. During press time, the prevailing market conditions indicate a possibility to cross the red line.
Ethereum Price Analysis
Ethereum faced an upside extension yesterday, of the recovery initiated from the $132 price level versus the US Dollar. The leading altcoin increased its price above the key $150 resistance as well as the 100 hourly Simple Moving Average.
Nevertheless, the price would break the $152 resistance this morning and test the next key resistance area around the $155 price level. Meanwhile, Ethereum formed a high near the $156 level and the price is currently on the move to consolidate more gains.
Key Resistance Levels
Moreover, it corrected below $152 level. Alongside, there was push beneath the 23.6% Fibonacci retracement level of the recent upward correction from a $142 low to a $156 high. Presently, the price is holding the $150 support and the 100 hourly SMA. There is also a strong resistance forming near $155 and $156 resistance levels, both of which could push the price to further low.
Additionally, a key declining channel is taking root. On which note is a bullish flag with resistance close to the $154 on the hour ETH/USD hourly chart.