Ethereum (ETH) Price Showing Positive Signs Above 100 SMA

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ETH price declined towards the $160 support against the US Dollar, where buyers took a stand.The price recently recovered and traded above the $165 and $166 resistance levels.There was a break above a contracting triangle with resistance at $164 on the hourly chart of ETH/USD (data feed via Kraken).The pair is currently gaining momentum above $165 and it is placed nicely above the 100 hourly SMA.Ethereum price gained traction from the recent lower versus the US Dollar and bitcoin. ETH is trading with a positive bias above $164 and it may continue to rise towards $172 and $174.Ethereum Price AnalysisThis past week, we saw a major downside correction below the $170 support in Ethereum price against the US Dollar. The ETH/USD pair declined below the $165 support and tested the next key support at $160. Buyers appeared and protected further losses below $160. A support base was formed and recently the price recovered above the $165 resistance. There was a break above the 23.6% Fib retracement level of the last decline from the $185 high to $160 low.More importantly, there was a break above a contracting triangle with resistance at $164 on the hourly chart of ETH/USD. The pair also