Ethereum has been one of the cryptocurrencies that has given the highest performance in recent days, with 22.42% since last April 5, today it faces small price corrections that have made it position itself above $ 168. Right at $ 164 we have significant support this week which currently represents the line between maintaining the uptrend or going to a momentary price correction.
In the event of a correction in Ether, we would have it at levels close to 23% Fibonacci and 38%, at the moment these are the most relevant points that could be used for a bullish rebound, in the event of a bearish break in the R2 weekly ($ 164.4). The volume in these pullbacks appears to have decreased, let's see if it can bounce back from current levels strongly and look for the next target on the chart above $ 179.4.
This last scenario seems a bit complicated due to the levels at which the RSI is. A correction was necessary at this time as this indicator marks a significant overbought in the market. These corrections serve to better consolidate the price on the supports and create a much cleaner upward trend.
In case of falling below $ 164, we have important levels at $ 155 such as 23% Fibonacci, EMA of 200 periods and weekly R1 of the pivot points. A bounce in this area is very clear, as long as the volume in the retracement is not too high to break it down momentarily.