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News: Ethereum (ETH) Price Grinding Higher: $255 Presents Crucial Challenge

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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:
https://www.newsbtc.com/?s=Ethereum%20%28ETH%29%20Price%20Grinding%20Higher%3A%20%24255%20Presents%20Crucial%20Challenge

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Crypto tags:

#EthereumNews #CryptoNews

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Transcript:

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.


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