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0:00:00 Ethereum Price (ETH) Holding Uptrend Support, Bulls In Control
0:00:04 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:11 ETH price traded to a new monthly high close to $240 before correcting lower against the US Dollar.
0:00:17 The price is currently holding an important support near the $222 and $224 levels.
0:00:25 Yesterday’s highlighted important bullish trend line is active with support near $224 on the hourly chart of ETH/USD.
0:00:33 The pair could bounce back as long as there is no daily close below the $220 support area.
0:00:39 Yesterday, there was a sharp rise in bitcoin and Ethereum price above $12,200 and $230 respectively against the US Dollar.
0:00:48 The ETH/USD pair even traded above the $235 resistance and settled above 100 hourly simple moving average.
0:00:56 The pair traded close to the $240 level and formed a new monthly high.
0:01:02 However, the bulls failed to break the $240 resistance.
0:01:06 As a result, there was a sharp downside correction below the $235 and $230 support levels.
0:01:13 Moreover, there was a break below the 50% Fibonacci retracement level of the last rally from the $216 low to $240 swing high.
0:01:23 The price even declined below the $225 support and spiked below the 100 hourly SMA.
0:01:30 However, the $222 support level acted as a support.
0:01:35 Additionally, the 76.4% Fibonacci retracement level of the last rally from the $216 low to $240 swing high acted as a support.
0:01:45 More importantly, yesterday’s highlighted important bullish trend line is active with support near $224 on the hourly chart of ETH/USD.
0:01:54 At the moment, the price is currently trading above the $222 and $224 support levels.
0:02:02 On the upside, an immediate resistance is near the $228 level.
0:02:07 If there is an upside break above $228 and $230, the price may climb back towards the $240 level.
0:02:15 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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