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Ethereum Rallies 15% But Here Is Why It Could Correct In Short-Term
Ethereum is up more than 15% and it broke the key $150 and $160 hurdles versus the US Dollar, while Ethereum PriceMore importantly, there is a key bullish trend line forming with support near $162 on the hourly chart of ETH/USD. Therefore, dips in Ethereum remains well supported near the $162 and $160 levels.More Upsides In ETH After Correction?There could be a downside correction towards $160 in the short term, but it does not mean the current uptrend is over. After the price completes a downside correction, it is likely to bounce back above $165 and $170.The main resistance is near the $170-$172 zone. A clear break above the $172 zone might set the pace for more upsides towards the $180 pivot and resistance area, especially if bitcoin surges above the $9,000 level.Technical IndicatorsHourly MACD – The MACD for ETH/USD is showing signs of a downside correction in the bullish zone.Hourly RSI – The RSI for ETH/USD is currently correcting lower from the overbought zone.Major Support Level – $162Major Resistance Level – $172
Author: Aayush Jindal
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