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...