News: Ethereum (ETH) Price Grinding Higher: $255 Presents Crucial Challenge
For the most complete data on all crypto currencies check: https://coincheckup.com | The crypto research platform.
Full credits for this video to NewsBTC who listed the info in this video on an article on their website:
0:00:00 Ethereum (ETH) Price Grinding Higher: $255 Presents Crucial Challenge
0:00:06 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:12 ETH price started a steady rebound above the $240 and $245 resistance levels against the US Dollar.
0:00:20 The price traded close to the $250 resistance area and it is currently consolidating in a range.
0:00:27 There was a break above a key bearish trend line with resistance near $237 on the hourly chart of ETH/USD.
0:00:34 Ethereum price is showing signs of a decent recovery versus the US Dollar, similar to bitcoin.
0:00:40 However, ETH price must clear the $250 and $255 barriers to move into a positive zone.
0:00:48 After trading to a new swing low at $226, Ethereum price started a steady recovery against the US Dollar.
0:00:55 The ETH/USD pair traded above the $230 and $235 resistance levels to move into a positive zone.
0:01:03 It even settled above the $240 level and the 100 hourly simple moving average.
0:01:09 Moreover, there was a break above the 50% Fibonacci retracement level of the major decline from the $255 high to $226 low.
0:01:19 During the climb, there was a break above a key bearish trend line with resistance near $237 on the hourly chart of ETH/USD.
0:01:27 Finally, the bulls pushed the price above the $245 level and the 61.8% Fibonacci retracement level of the major decline from the $255 high to $226 low.
0:01:41 The price traded close to the $250 level, but it struggled to continue higher.
0:01:46 It tested the $248 level and the 76.4% Fibonacci retracement level of the major decline from the $255 high to $226 low.
0:01:58 At the moment, the price is consolidating gains above the $240 level and the 100 hourly SMA.
0:02:05 On the upside, an initial resistance is at $248 and $250, above which the price might recover further.
0:02:13 However, the main challenge for the bulls is near the $255 level.
0:02:18 If there is an upside break above $255, the price is likely to move into a positive zone.
0:02:24 Conversely, if the price fails to move above $250 or $255, there could be a fresh decline.
0:02:32 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.
Background music: Sandbox by Silent Partner
Creative Commons - Ask Silent Partner for permission if you want to use this song.
Music promoted by Audio Library https://www.youtube.com/channel/UCht8qITGkBvXKsR1Byln-wA
* Created with https://content2video.com technology | Creating videos out of your data.