ETH/USD technical analysis: Ethereum has just bounced off a decent support level
- Ethereum is one of the better performing cryptocurrencies on the session and trades 3.14% higher.
- Bulls are looking to find out of the pair can get to the 200.00 psychological level.
Ethereum is performing well today and trades 3.14% higher today bouncing off the 180.00 support zone.
After the pair found support 150.00 back on 26th September 180.00 has been a pivot level ever since.
On the chart below you can also see the channel formation that has been pretty well respected, but the most encouraging sign for the bulls has been the volume on the last four-hour candle.
Also on the daily chart, the next major resistance is 224.71 and if the level breaks the price would be in a technical uptrend as a new higher low higher high would have been formed.
Elsewhere, the buyers may find resistance at 190.00 on the low volume node of the volume profile chart but maybe the bears will push it through.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
