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0:00:00 Ethereum (ETH) Price Still Capped By Key $185 Resistance
0:00:05 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:11 ETH price is still struggling to break the key $185 resistance area against the US Dollar.
0:00:18 There is a connecting bullish trend line forming with support near $178 on the hourly chart of ETH/USD.
0:00:25 The pair could retest the $185 resistance area as long as it is trading above the $175 support.
0:00:33 Ethereum price is struggling to continue higher versus the US Dollar and bitcoin.
0:00:38 ETH price remains at a risk if it fails to stay above the main $175 support area.
0:00:44 Yesterday, we saw a nice 10% rally in Ethereum above the $175 resistance against the US Dollar.
0:00:52 ETH price even broke the $180 resistance and the 100 hourly simple moving average.
0:00:58 However, the main $185 resistance acted as a hurdle and prevented more gains.
0:01:04 A high was formed near $185 and the price started a downside correction.
0:01:09 It broke the $180 level to start the correction.
0:01:13 Moreover, there was a break below the 23.6% Fibonacci retracement level of the upward move from the $168 swing low to $185 high.
0:01:24 However, the price stayed above the $178 support and the 100 hourly SMA.
0:01:30 Additionally, there is a connecting bullish trend line forming with support near $178 on the hourly chart of ETH/USD.
0:01:38 The next support is near the $176 level.
0:01:42 It coincides with the 50% Fibonacci retracement level of the upward move from the $168 swing low to $185 high.
0:01:51 However, the main support is near the $175 level, where the bulls are likely to prevent additionally declines.
0:01:58 If there is a downside break below $175 and the 61.8% Fibonacci retracement level of the upward move from the $168 swing low to $185 high, the price could move back into a bearish zone.
0:02:13 The next support is near the $172 level.
0:02:17 Thanks for checking 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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