Ethereum technical analysis: ETH/USD bounces off a critical area of support

Ethereum price in the second part of Friday is trading in minor positive, gains of some 2.5%.
ETH/USD bounced off a critical ascending trend line of support, a failure to hold could see $200 at threat.
Should the bulls break down the monthly high at $288, eyes will be on a firm move into $300 territory.

Ken Chigbo Independent Analyst

Spot rate: 260.85

Relative change: +2.50%

High: 262.53

Low: 244.84

ETH/USD

Overview
Today last price	261.4
Today Daily Change	7.00
Today Daily Change %	2.75
Today daily open	254.4

Trends
Daily SMA20	243.94
Daily SMA50	197.52
Daily SMA100	170.58
Daily SMA200	148.84

Levels
Previous Daily High	288.43
Previous Daily Low	239.36
Previous Weekly High	264.65
Previous Weekly Low	231.05
Previous Monthly High	187.51
Previous Monthly Low	140.14
Daily Fibonacci 38.2%	258.11
Daily Fibonacci 61.8%	269.69
Daily Pivot Point S1	233.03
Daily Pivot Point S2	211.67
Daily Pivot Point S3	183.97
Daily Pivot Point R1	282.1
Daily Pivot Point R2	309.8
Daily Pivot Point R3	331.17

ETH/USD 60-minute chart

Price action earlier in the session managed to break out from a narrowing range-block formation, the price has retested and now room to push further north.

ETH/USD daily chart

A near-term critical area of support has been tested, an ascending trend line, a breach could expose $200 to the downside. Otherwise, eyes on a bounce for another attempt at the $300 territory.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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