Ken Chigbo
Independent Analyst
- ETH/USD nursing losses on Thursday of over 3%, as price further cools after the run on Wednesday.
- A near-term ascending trend line can be seen via the 4-hour chart view, which has been running since 16th December.
The Ethereum price on Thursday is nursing some fairly steep losses towards the latter part of the day, down over 3%. This comes after the bulls made solid ground to the upside during the prior session, jumping into double-digit gains.
Given the run higher on Wednesday, it appears ETH/USD is at victim of touted profit taking. The price had run into a supply area, which can be seen running from $155 up to $160. Market bulls faltered here on 24th December, cooling largely.
For greater upside, this near-term supply zone is critically important, a break above will open the door for a retest of the barrier seen at $180. Should bulls manage to gather enough upside momentum, then eyes will be on a potential reclaim of $200.
ETH/USD 4-hour chart
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