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Ethereum Technical Analysis: ETH/USD bulls breakout to the upside from a pennant set up

  • Ethereum price holding decent gains of 4% in the session on Wednesday.
  • ETH/USD bulls further capitalizing after moving back above the $100 mark. 
  • Pennant pattern was breached to the upside by the market bulls, extending move to the north. 
Ethereum Technical Analysis: ETH/USD bulls breakout to the upside from a pennant set up
Ken ChigboKen ChigboIndependent Analyst

ETH/USD 15-minute chart


 

Spot rate:                  106.51

Relative change:      +4.12%

High:                         109.29

Low:                          101.14

Trend:                        Bullish

Resistance 1:             106.26, daily pivot point resistance.

Resistance 2:             110.04, daily pivot point resistance.

Resistance 3:             116.70, daily pivot point resistance.

Support 1:                  95.82, daily pivot point support.

Support 2:                  89.16, daily pivot point support.

Support 3:                  85.38, daily pivot point support.

ETH/USD 60-minute chart

  • Minor resistance seen at resistance seen during consolidation area of 5th December drop. 

ETH/USD 4-hour chart

  • Next major resistance can be eyed at supply tracking form $112-114. 

Author

Ken Chigbo

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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