In recent times, both BTC/USD and ETH/USD recovered strongly from $8.2k and $158, respectively. The price of ETH price surged over the major $162 barrier and the 100 hourly SMA for a move into a positive zone.
A look at the hourly chart of ETH against the USD shows that while it was rising, the price surged above a major declining trend line with barrier close to $161. Another critical observation on the same chart is the bulls’ successful push of the price over the $165 barrier zone.
The price surged by almost 5 per cent and it reached the major $170 barrier zone. The past rejection zone close to $170 could keep playing a critical role for a huge upward move.
A successful surge over the $170 barrier could make the price to keep surging towards the $180 barrier. Any additional gains may prompt a larger upward move to the $200 barrier zone. An intermediate barrier zone is close to $188 level and the $190 pivot level.
The chances that the price may try to keep surging over $170 are high. The initial key support is close to $165 and it is the breakout area in recent times.
The failure of ETH to remain over $165 support may lead to a retest of the $162 support zone or the 100 hourly simple moving average. Beneath $162, there is a likelihood of the price resuming its downside move in the near term.