Ken Chigbo
Independent Analyst
- Ethereum has entered into consolidation mode, ahead of further buying pressure.
- ETH/USD key near-term resistance is eyed at $215, a breakdown here could open the door to decent upside.
Ethereum price was seen trading down very marginally on Monday, nursing losses of just some 0.30%, through the mid-point of the session. ETH/USD enjoyed a decent spike to the upside during Sunday’s session, now observing some consolidation.
ETH/USD over the past six sessions has been making decent progress to the upside, closing in the green 5 times over that period. During the prior session – Sunday, the price spiked to $215, into a known area of resistance. A breakdown here is vital for a new wave of buying.
Technically, should the bulls manage to tear through the above-mentioned resistance, $215, it could open the doors to large amount of buying pressure. Further north, eyes would be on a fast move up to $230, price last touched here on 15th October. After the move on Sunday, the price has entered into what will look to be a brief period of consolidation, ahead of further committed buying pressure. Support is seen at $205 area, a failure to hold here, could see a quick drop back down sub-$200.
ETH/USD 4-hour chart
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