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.
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