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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