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0:00:00 Ethereum Price (ETH) Testing Crucial Support While Bitcoin Holding Gains
0:00:05 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.
0:00:11 ETH price failed to settle above $180 and started a fresh decrease against the US Dollar.
0:00:17 The price is currently trading near the $174 support and it could bounce back in the near term.
0:00:23 There was a break below a major bullish trend line with support at $177 on the hourly chart of ETH/USD.
0:00:31 Bitcoin price is still holding the $10,500 support area and it could climb higher in the near term.
0:00:38 Ethereum price is struggling to hold gains versus the US Dollar, while bitcoin is trading nicely.
0:00:44 Yesterday, there were further gains in bitcoin above $10,500 against the US Dollar.
0:00:50 However, Ethereum and ripple struggled to continue higher above $182 and $0.2650 respectively.
0:00:58 As a result, ETH price declined below the $180 level and started a downside correction.
0:01:04 The price also declined below the $178 support level and the 100 hourly simple moving average.
0:01:11 Moreover, the price declined below the 23.6% Fibonacci retracement level of the last major upward move from the $166 swing low to $183 swing high.
0:01:23 There was also a break below a major bullish trend line with support at $177 on the hourly chart of ETH/USD.
0:01:31 The pair is now trading near the $174 support.
0:01:36 Additionally, the 50% Fibonacci retracement level of the last major upward move from the $166 swing low to $183 swing high is acting as a support.
0:01:47 If there are more downside, the price might test the $172 support area in the coming sessions.
0:01:53 It coincides with the 61.8% Fibonacci retracement level of the last major upward move from the $166 swing low to $183 swing high.
0:02:05 On the upside, there is a key resistance forming near the $176 level and the 100 hourly SMA.
0:02:12 However, the main resistance for the bulls is still near the $180 and $182 levels.
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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