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0:00:00 Ethereum (ETH) Price Above $185 Would Make Case For Larger Rally
0:00:05 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:12 ETH price is showing positive signs above the $172 and $170 support levels against the US Dollar.
0:00:20 The price is currently trading near $180 and it might soon retest the $185 resistance area.
0:00:27 Yesterday’s highlighted key bullish trend line is active with support near $172 on the hourly chart of ETH/USD.
0:00:35 The price is likely to accelerate gains if it succeeds in clearing the $185 resistance area.
0:00:42 Ethereum price is slowly gaining momentum versus the US Dollar, similar to bitcoin.
0:00:47 ETH price must break the $185 resistance area to continue higher in the near term.
0:00:53 After struggling near the $185 resistance, Ethereum corrected lower against the US Dollar.
0:00:59 ETH price traded below the $180 support area.
0:01:04 Moreover, there was a break below the $175 support and the 100 hourly simple moving average.
0:01:10 However, the $172 support area remained intact and a low was formed near the $173 level.
0:01:18 Recently, the price started a fresh increase and climbed above the $175 level.
0:01:24 Additionally, there was a break above the 50% Fibonacci retracement level of the recent decline from the $185 high to $173 low.
0:01:34 The price even climbed above the $180 level and tested the $182 area.
0:01:40 It seems like the 61.8% Fibonacci retracement level of the recent decline from the $185 high to $173 low is acting as a resistance.
0:01:51 The main resistance is still near the $185 level.
0:01:55 A successful break and close above the $185 resistance is needed for the bulls to gain momentum.
0:02:01 The next key resistances area near the $195 and $200 levels.
0:02:07 On the downside, an initial support is near the $176 level and the 100 hourly SMA.
0:02:14 More importantly, yesterday’s highlighted key bullish trend line is active with support near $172 on the hourly chart of ETH/USD.
0:02:23 Thanks for watching this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: "NewsBTC", who originally published this news update on their website.
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