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Ethereum technical analysis: ETH/USD bulls guided by a channel to the north

  • Ethereum price on Thursday is trading in the red by some some 1.70%, as it continues to consolidate.  
  • ETH/USD price action via the daily chart view is being supported to the upside by a long running ascending trend line. 
  • The daily chart view is moving within an ascending channel formation, guiding the price higher. 
Ethereum technical analysis: ETH/USD bulls guided by a channel to the north
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  296.96

Relative change:      -1.70%

High:                         303.78

Low:                          292.38

ETH/USD 60-minute chart

  • Heavy supply zone running from $295-300 price range, seen via the 60-minute. 

ETH/USD daily chart

  • Price action is supported to the upside by an ascending trend line, which has been guiding the bulls north. 

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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