Ethereum Price Analysis: ETH/USD slips below supporting daily ascending trend line
- ETH/USD is nursing losses of some 0.8% in the late part of Tuesday.
- Bears manage to force to price below a vital ascending trend line, seen via the daily chart.
The Ethereum price is nursing losses of 0.8% towards the latter part of trading on Tuesday. Price action further losses upside momentum, after enjoying a decent rally higher last week. The bulls have appeared to run out of steam and this could very well be some touted profit taking.
There is anticipation ahead of the Ethereum Constantinople Fork, scheduled for January 16th. The upgrade is expected to bring significant optimization to the Ethereum ecosystem. It is worth noting ETH/USD had gained a whopping 100%, from mid-December until early Jan.
During the mentioned bull run, as detailed above, the price was supported by an ascending trend line. The current daily candlestick at the time of writing, has firmly edged below this support. As a result, further selling pressure may come over the next sessions. Next area of support is eyed at $117.50, 27-28th December low.
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.
