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Ethereum technical analysis: ETH/USD bulls must break above critical barrier for further upside pressure

  • Ethereum price on Monday is holding strong gains of over 5% in the latter part of the session. 
  • ETH/USD bulls are retesting breached critical ascending trend line of support. 
  • A break above the noted new acting resistance could provide a fresh strong wave of buying pressure.  
Ethereum technical analysis: ETH/USD bulls must break above critical barrier for further upside pressure
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 243.35

Relative change:      +%

High:                        246.72

Low:                         227.58

ETH/USD 60-minute chart

  • Near-term price acting breaks above a 60-minute descending trend line of support, giving room for a move back into $250. 

ETH/USD daily chart

  • Price action via the daily chart view remains below the breached supporting trend line seen last week. The bulls must break back above for further upside pressure. 

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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