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According to information from primexbt exchange Ethereum is recovering slowly after dropping to as low as $148.

The price rallied to more than $152 but there are many more hurdles to go.

Yesterday, the ETH/USD pair’s downtrend was activated towards the $160 and $164 resistance levels (according to data from SimpleFX).

The ETH/USD pair can only rise once it reaches the $164 resistance and stabilizes at $165.

Ethereum price tested the 100 . SMA

After stabilizing at $160, Ethereum price against the US dollar started a new decline. ETH price falling to the $155 support indicates a short-term downtrend. The price fell further to $150 and settled below the 100-day moving average. The monthly price dropped to as low as $148 and is now changing for the upside.

Correction started to the resistance at $152. As such, Ethereum has surpassed 50% of the Fib retracement level of the drop from $164 to $148. However, the price is facing the $156-$157 barrier.
A 61.8% increase in the Fib retracement level of the decline from $164 to $148 could also be considered a hurdle. More importantly, yesterday the ETH/USD downtrend was triggered up to the $160 and $164 resistance levels updated hourly.

ETH/USD simpleFX

If there is a breakout of the 100 SMA, then the price could test a higher level. Closing the trade above $164 and having the resistance at $165 will show the market trend clearly. The next resistance could be around $175. On better indicators can push the price to $185 and $188.

See more: The influence of the S&P 500 on Bitcoin recently

Should buy the bottom?

If Ethereum stays below the 100 SMA or below the $160 resistance, the price could continue to decline. Conversely, the initial support at $152 indicates an uptrend.

The $145 support is also important. If the price cannot hold at $145, there is a risk of further declines to $132 and $130.

Statistics of a few technical indicators:

• The hourly MACD of ETH/USD is slowly rising.
• The hourly RSI of ETH/USD is above the 50 level.
• Major support level – $152.
• Major resistance – $160.