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0:00:00 Ethereum Price (ETH) Could Decline While Bitcoin Is Gaining Momentum
0:00:04 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.
0:00:10 ETH price is still struggling to gain momentum above the $180-$181 resistance area against the US Dollar.
0:00:19 The price is slowly moving lower and it could decline further towards the $174 support area.
0:00:25 A major bullish trend line is at risk with support near $178 on the hourly chart of ETH/USD.
0:00:32 Ethereum price is struggling to continue higher versus the US Dollar, while bitcoin is surging.
0:00:38 ETH price could retest $174 or $172 before it starts a fresh increase.
0:00:45 Yesterday, we saw a decent upward move in bitcoin, Ethereum, ripple and binance coin against the US Dollar.
0:00:52 ETH price climbed above the key $172 and $175 resistance levels.
0:00:59 Moreover, there was a close above $175 and the 100 hourly simple moving average.
0:01:05 However, the price struggled to gain momentum above the $180 and $181 resistance levels.
0:01:12 As a result, there was a bearish reaction and the price tested the $175 support area.
0:01:18 Later, it bounced back above $180, but failed to continue higher.
0:01:23 A swing high was formed near $183 and the price is currently correcting lower.
0:01:29 It traded below the $180 level and the 50% Fibonacci retracement level of the recent wave from the $174 swing low to $183 high.
0:01:40 At the moment, a major bullish trend line is at risk with support near $178 on the hourly chart of ETH/USD.
0:01:47 Moreover, the price is struggling to hold the 61.8% Fibonacci retracement level of the recent wave from the $174 swing low to $183 high.
0:01:59 Therefore, Ethereum might continue to move down towards the $175 and $174 support levels.
0:02:06 Additionally, the 100 hourly simple moving average is also waiting near the $175 level to act as a support.
0:02:14 If there is a break below $174, the price could even test the $172 support area.
0:02:21 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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