Ethereum Technical Analysis: ETH/USD breaks out from descending channel, however another drop may be looming
|- Ethereum managed to escape a descending channel, however the price failed to gain ground above and beyond the $500 mark.
- ETH/USD is now moving within a rising wedge, which could be subject to a breach from the market bears, with the lower supporting trend line being tested.
ETH/USD 60-minute chart
Spot rate: 0.47752
Relative change: -0.25%
High: 0.48090
Low: 0.47320
Trend: Neutral
Support 1: 475.00, today’s (Monday) low & lower trend line of rising wedge.
Support 2: 473.24, 100MA.
Support 3: 458.09, on top of the broken descending wegde.
Resistance 1: 481.87, 50MA.
Resistance 2: 493.50, (resistance on 60-minute chart).
Resistance 3: 500.00, psychological resistance.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.