Ethereum has been on the rise over recent days, as the second-largest cryptocurrency starts to attract short-term buying interest.
Ethereum price analysis shows that the cryptocurrency could test towards the $180.00 level if bulls gain traction above the $155.00 level.
ETH/USD medium-term price trend
The ETH/USD pair has started to advance after it became apparent that selling interest below the $130.00 level was starting to weaken.
Ethereum has also strongly benefited from the recent rise in Bitcoin, and increasing demand for altcoins.
Ethereum technical analysis shows that the cryptocurrency could test towards its 200-day moving average after sellers failed to breach key trendline support on the daily time frame.
Sustained gains above the March 20 swing high, around the $155.00 level, could prompt a fresh wave of buying interest for ETH/USD.
Key medium-term technical resistance is located at the ETH/USD pair’s 200-day moving average, around the $175.00 level, and possibly even the $180.00.
ETH/USD short-term price trend
Ethereum technical analysis shows that the cryptocurrency has a bullish short-term bias while the price trades above the $153.00 level.
The one-hour time frame currently shows that the ETH/USD pair is trading within a rising price channel.
Failure to move the price below the rising price channel may result in the ETH/USD pair testing the top of the channel, around the $180.00 level.
As long as the price trades above the bottom of the channel, at the $137.00 level, the ETH/USD pair has a high probability of rallying.
Gains above the $153.00 level may help to encourage short-term buying interest towards Ethereum.
ETH/USD technical summary
Ethereum technical analysis shows that the cryptocurrency could rally towards the $175.00 level. The price is currently working within a rising price channel.