Ethereum technical analysis: ETH/USD bulls in a promising position as the price remains comfortably above the big $180 barrier
- Ethereum price is trading in negative territory, with losses of some 0.25% on Monday.
- ETH/USD price action via the daily chart view has broken out to the upside from a descending wedge structure.m
- A large barrier of resistance was observed at the $180 price mark, the daily break and closure above is attractive for further potential buying momentum.
Spot rate: 189.40
Relative change: -0.25%
High: 195.80
Low: 188.64
ETH/USD daily chart
- The bulls managed to break above a stubborn barrier of resistance at the $180 mark, leaving room for further upside.
ETH/USD 60-minute chart
- Near-term price action via the 60-minute view, in early hours the bulls smashed out from a narrowing range-block. A retest is being observed of the range area, technically another wave of buying momentum should be found on this retest.
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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