Ethereum price is gaining traction versus the US Dollar, but it is struggling against bitcoin. ETH is likely to climb higher in the near term, but it may struggle near $164-165.

Yesterday, we saw a fresh downside correction in Ethereum price from the $163-164 zone against the US Dollar. The ETH/USD pair corrected lower and broke the $160 support level. However, the 50% Fib retracement level of the upward move from the $150 low to $163 high acted as a support. Besides, the $156 level and the 100 hourly simple moving average also prevented losses. There was a false spike, but the price quickly bounced back above $158.

More importantly, yesterdays highlighted declining channel was breached with resistance near the $158 level on the hourly chart of ETH/USD. The pair broke the 50% Fib retracement level of the recent decline from the $163 high to $154 swing low. As a result, the price is now trading with a positive bias above $158. An immediate resistance is near the $160 level. It coincides with the 61.8% Fib retracement level of the recent decline from the $163 high to $154 swing low. If there is an upside break above the $160 resistance, the price is likely to climb towards the $163-164 zone.

On the downside, the main support is near the $156 level and the 100 hourly SMA. If there is a proper close below the 100 hourly SMA, the price may decline towards the $154 or $150 support levels. Bitcoin price is currently up more than 3%, but it seems like ETH price is struggling to gain pace above the $160 and $161 resistance levels.

Looking at the chart, Ethereum price is currently placed in a positive zone above $158, but it must gain traction above $160. The next stop for the bulls could be near $164 or $165. If there are further gains, there are chances of a sharp rally towards the $170 or $172 resistance level.

Hourly MACD The MACD for ETH/USD is currently gaining momentum in the bullish zone, with positive signs.

Hourly RSI The RSI for ETH/USD is now placed well above the 50 level, with a bullish angle.

Major Support Level $156

Major Resistance Level $164

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