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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.
Ethereum technical analysis: ETH/USD bulls in a promising position as the price remains comfortably above the big $180 barrier
Ken ChigboKen ChigboIndependent Analyst

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

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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