Ethereum Price Analysis: ETH/USD saved for now by near-term demand area

ETH/USD trading down on Friday within minor losses, however near-term support being tested to the downside.
Important demand zone eyed at $149-147, any failure to hold, eyes then on $140.

Ken Chigbo Independent Analyst

The Ethereum price is seen trading marginally in negative territory, down just some 0.2% well into the second half of the session on Friday. Across the board today within the cryptocurrency market, it has been very much range-bound, a lack of commitment from either camp.

There was some initial upside momentum seen for ETH/USD earlier in the week, as much of community look forward to the developments of the hard fork on 16th January. The price is gunning for its third consecutive week of gains.

The bears did hit ETH/USD in afternoon trading, to test an important near-term demand zone. This can be seen tracking around $149-147 price range. Any forced breach by the sellers, could see a fast drop back down towards $140, the next consolidation area.

ETH/USD 15-minute 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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