Ethereum Technical Analysis: ETH/USD looking to use 50% Fibonacci as a launch pad up to reignite bullish momentum
|- Ethereum price came under pressure on Wednesday, as price further consolidated after the initially decent start to the week.
- ETH/USD has been stuck in a narrowing range in the session, but looking for a near-term breakout to the upside.
- The price has been magnetized to the 50% Fibonacci, looking to soon use this as a launch pad to reignite upside momentum.
ETH/USD 15-minute chart
Spot rate: 530.08
Relative change: -1.57%
High: 538.91
Low: 516.63
Trend: Bearish/Neutral
Support 1: 518.05, 50% Fibonacci.
Support 2: 510.50, 61.8% Fibonacci & (support on 15-minute chart).
Support 3: 506.98, ascending trend line.
Resistance 1: 528.60, 100MA.
Resistance 2: 534.35, 23.6% Fibonacci and supply area.
Resistance 3: 538.91, today’s (Wednesday) high.
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