Ethereum Price Analysis: ETH/USD set to concede the psychological $100 mark again
- Ethereum price is trading in negative territory by some 2%, failing to sustain upside momentum.
- ETH/USD moving within a descending wedge formation seen via the daily chart view.
The Ethereum price late on Thursday is seen nursing losses of some 2%, this seen in the latter part of trading in the session. ETH/USD bulls failed to sustain upside momentum seen in yesterday’s session – Wednesday.
ETH/USD price action can be seen moving within a descending wedge formation. This began to take shape mid-January and has remained contained since. The bears are edging closer to forcing another devastating breach below the big $100 mark.
In terms of technical view, there is support around the big $100 mark, which currently coincides with the lower trend line of the wedge pattern. Should the bears manage to force a breach, then a fast move back towards a retest of December lows could very well be seen.
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.
