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0:00:00 Ethereum (ETH) Price Holding Uptrend Support And Could Bounce Back
0:00:04 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.
0:00:10 ETH price traded further higher above the $175 resistance, but failed to hold gains against the US Dollar.
0:00:18 The price corrected lower sharply and tested the key $169-170 support area.
0:00:25 There is a crucial bullish trend line formed with support at $169 on the hourly chart of ETH/USD.
0:00:32 The pair is likely to bounce back as long as it is trading above the $168 level and the 100 hourly SMA.
0:00:40 Ethereum price climbed to new weekly highs versus the US Dollar, following bitcoin increase.
0:00:45 ETH spiked above $176 before starting a downside correction towards the $170 support.
0:00:53 Recently, there was a steady rise in Ethereum price above the $170 resistance area against the US Dollar.
0:01:00 The ETH/USD pair extended gains above the $175 resistance level and spiked above $176.
0:01:08 However, the bulls failed to take the price towards the $180 level and recently the price started a downside correction.
0:01:16 The price traded below the $172 level and the 23.6% Fibonacci retracement level of the recent leg from the $165 low to $176 high.
0:01:28 The price even spiked below the $170 level, and the 50% Fibonacci retracement level of the recent leg from the $165 low to $176 high.
0:01:40 However, the previous resistance levels at $169 and $170 acted as strong supports.
0:01:47 There is also a crucial bullish trend line formed with support at $169 on the hourly chart of ETH/USD.
0:01:55 The trend line support holds the key since it is near the $168 pivot level and the 100 hourly simple moving average.
0:02:03 The 61.8% Fibonacci retracement level of the recent leg from the $165 low to $176 high is also near the $169 level to act as a support.
0:02:16 Thanks for watching 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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