Ethereum (ETH) Price Gaining Momentum As Bitcoin Hits Fresh High

ETH price found support near the $164-165 area and bounced back against the US Dollar.
The price broke the $168 and $169 resistance levels, and is currently gathering momentum.
There is a breakout pattern forming with resistance at $172 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to break the $172 resistance and climb towards the $176 and $180 resistance levels.

Ethereum price is gaining bullish momentum versus the US Dollar, following bitcoin price rise. ETH is now placed above $169 and it looks set for more gains towards the $180 level.

Ethereum Price Analysis

Yesterday, we saw a downside correction in Ethereum price below the $169 support against the US Dollar. The ETH/USD pair even broke the $168 level and the 100 hourly simple moving average. It tested the key $164-165 support area, where buyers emerged. A swing low was formed near $164 and the price started a fresh rise. It broke the $168 resistance and the 100 hourly SMA. Besides, there was a break above the 23.6% Fib retracement level of the last slide from the $180 high to $164 low.

The price is now trading above the $170 level and the 100 hourly SMA. However, it is facing a strong resistance near the $172 level. There is also a breakout pattern forming with resistance at $172 on the hourly chart of ETH/USD. Moreover, the 50% Fib retracement level of the last slide from the $180 high to $164 low is also acting as a resistance near the $172 level. Therefore, a successful break above the $172 resistance is likely to open the gates for more gains in the near term.

The next key resistance is near $176, above which the price may test the $180 level. Bitcoin price recently surged above the $6,080 level, and it seems like it could help Ether as well. If there is a downside correction, the $168 level and the 100 hourly SMA may act as a support. A close below the $168 support might start a slide towards the $164 support.

Looking at the chart, Ethereum price seems to be gaining pace above $170. However, the bulls need to clear the $172 resistance level to set the stage for a push towards the $180 level. There are even chances of a fresh high above $180 if the bulls remain in action for the next few sessions.