Ethereum Technical Analysis: ETH/USD big bull technical set up despite losses

  • Ethereum is seen down in the session by some 3.5%, as a further cooling is observed across the market on Friday.
  • ETH/USD has formed a bullish flag pattern via the 60-minute chart view.
  • Price bouncing lower for now, with what can also be viewed as a descending channel formation.
  • There is potential room for a decent breakout to the upside, should momentum be picked back up. 

 

ETH/USD 60-minute chart

 
 

Spot rate:                  113.50

Relative change:      -3.41%

High:                         120.01

Low:                          111.40

 

Trend:                        Bearish

 

Support 1:                  113.00, ascending trend line.

Support 2:                  112.65, lower part of channel.

Support 3:                  108.56, daily pivot point support. 

Resistance 1:             117.65, upper part of channel.

Resistance 2:             122.97, daily pivot point resistance.

Resistance 3:             128.48, daily pivot point resistance.

 

ETH/USD weekly chart

  • ETH/USD battling it out to avoid another weekly loss, after the previous two recorded negative closes.

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.