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Here’s Ethereum Bears Last Defense, Can Bulls Overcome This Hurdle?

Ethereum is up 2% and it broke the $175 resistance, while bitcoin rallied 5%. ETH price is now facing a strong resistance near the $178 and $180 levels.

  • There was a steady rise in Ethereum above the $170 and $175 levels against the US Dollar.

  • The price revisited the key $178 resistance area, where the bears took a stand.

  • There is a major ascending channel forming with support near $173 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could rally significantly once there is a close above the $178 and $180 levels.

Ethereum Price Struggling Near $180


This week, there was a slow and steady rise in Ethereum above $170 against the US Dollar. ETH price corrected a few points, but it was able to pop above the $175 resistance and the 100 hourly simple moving average.


Finally, it revisited the key $178 resistance area, where the bears took a stand. A high is formed just below $180 and the price is currently correcting gains. It broke the 23.6% Fib retracement level of the recent gain from the $170 swing low to $179 high.


An initial support on the downside is near the $175 level. It coincides with the 50% Fib retracement level of the recent gain from the $170 swing low to $179 high. Read More...

Bears Last Defense

#ETH

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