- 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.
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Latest Crypto News & Analysis
Editors’ Picks
Cardano Price Prediction: ADA bound for another 30% crash
Cardano (ADA) price action is not seeing the turn in sentiment that was expected with the start of a new trading week. Geopolitical talks are ramping up again this Monday regarding Russia, and investors are awaiting details of monetary tightening by the FED later this week, making investors an absent party in the cryptocurrency market for the first few days of the week.
Experts blame OpenSea and NFT issuers for Ethereum price crash
Ethereum’s recent drop in price was fueled by increasing inflows of the altcoin to cryptocurrency exchanges. Experts have blamed direct transfers from NFT marketplace OpenSea for the fall in Ethereum’s price.
Axie Infinity price set to dip lower as AXS bulls disappear
Axie Infinity price has dropped below a crucial support level, converting it into a resistance barrier. From here on, any minor uptrend is likely to face rejection at the barrier, leading to a sharp correction.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto carnage continues to unfold
Bitcoin price has witnessed a massive crash over the past week, undoing the gains seen since July 25. Ethereum, Ripple and other altcoins have followed suit, experiencing an even worse crash.
Bitcoin: BTC may capitulate to $30,000
Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.