Ethereum Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally

Ethereum price started a downside correction from the key $180 resistance area against the US Dollar. ETH is currently below $175, but it is holding the 100 hourly simple moving average.Ethereum failed to climb above $180 once again and recently declined below $175 against the US Dollar.
The price is now trading near the $170 support and the 100 hourly simple moving average.
Yesterday’s highlighted key major ascending channel was breached with support near $175 on the hourly chart of ETH/U