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0:00:00 Ethereum (ETH) Price Likely Preparing For Corrective Move To $200
0:00:05 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:11 ETH price started an upside correction and tested the $185 resistance against the US Dollar.
0:00:18 There is a new connecting bullish trend line forming with support near $171 on the hourly chart of ETH/USD.
0:00:25 The price remains well supported on dips near the $172 and $170 levels in the near term.
0:00:33 Ethereum price is showing positive signs above versus the US Dollar, while consolidating vs bitcoin.
0:00:39 Yesterday, we saw a decent upward move above the $172 and $175 resistances in Ethereum against the US Dollar.
0:00:48 ETH price even settled above the $175 level and the 100 hourly simple moving average.
0:00:55 Moreover, it traded above the $180 level and tested the key $185 resistance area.
0:01:02 A swing high was formed near $185 before the price started a downside correction.
0:01:08 There was a break below the $180 level.
0:01:11 Moreover, the price traded below the 23.6% Fibonacci retracement level of the last wave from the $165 low to $185 high.
0:01:22 At the moment, the price is trading near the $175 support area and the 100 hourly SMA.
0:01:29 If there are more downsides, the next key support is near the $172 level.
0:01:34 An intermediate support is near the 61.8% Fibonacci retracement level of the last wave from the $165 low to $185 high.
0:01:45 Finally, there is a new connecting bullish trend line forming with support near $171 on the hourly chart of ETH/USD.
0:01:53 Therefore, Ethereum remains well supported above the $170 level in the near term.
0:01:59 On the upside, the $185 level is a strong resistance.
0:02:03 Once there is a close above the $185 level, the price is likely to accelerate higher towards the $195 and $200 resistance levels in the near term.
0:02:14 Conversely, a close below the $170 level might push the price back towards the $165 level.
0:02:22 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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