Ethereum Price Analysis: ETH/USD bears force key daily ascending trend line support

Ethereum price late on Wednesday was trading down around 3%, as the bears pick up downside momentum.
ETH/USD bears managed to force a breach of a long-running ascending trend line.

Ken Chigbo Independent Analyst

Ethereum price is seen nursing some losses of around 3% in the very latter part of trading on Wednesday. The bears managed to turn up the notch of pressure to the downside, forcing the support break.

ETH/USD had been supported by an ascending trend line formation. This comfort was seen via the daily chart view, which was running from mid-December 2018. However the requirement for support only really coming into play from 28th January.

Technically, the next major area of support now isn’t seen until the low area of December. The actual low print was down around $82. Given the current daily candle breach of the ascending trend line, there is possibility for a retest underneath.

ETH/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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