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0:00:00 Ethereum (ETH) Price Rebound Reaching Crucial Juncture
0:00:04 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:10 ETH price started an upside correction above the $172 and $175 resistances against the US Dollar.
0:00:18 The price even broke the $180 level and it is currently testing the key $185 resistance area.
0:00:26 There was a break above a declining channel with resistance near $171 on the hourly chart of ETH/USD.
0:00:33 The price could struggle to clear the $185 resistance area in the near term.
0:00:38 Ethereum price is currently rebounding versus the US Dollar, similar to bitcoin.
0:00:44 However, ETH price must break the $185 resistance to continue higher in the coming sessions.
0:00:50 Yesterday, we saw a corrective increase in Ethereum above the $170 level against the US Dollar.
0:00:57 ETH price faced a strong resistance near the $172 and $175 level.
0:01:04 As a result, there was a minor dip before the bulls were able to push the price above the $175 resistance area.
0:01:11 Moreover, there was a proper close above the $175 resistance and the 100 hourly simple moving average.
0:01:18 During the rise, there was a break above a declining channel with resistance near $171 on the hourly chart of ETH/USD.
0:01:26 The pair even surpassed the $180 level.
0:01:30 However, it is now trading near a crucial resistance at $185. The stated $185 level was a major support earlier and it might now prevent further upsides.
0:01:41 If there is a clear break above the $185 resistance, Ethereum could continue to rise towards the $200 level.
0:01:49 On the downside, an immediate support is near the $180 level.
0:01:54 It represents the 23.6% Fibonacci retracement level of the recent leg from the $165 low to $185 high.
0:02:04 However, the main support is now near the $175 level.
0:02:08 It also coincides with the 50% Fibonacci retracement level of the recent leg from the $165 low to $185 high.
0:02:18 Thanks for checking out 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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