Ethereum technical analysis: ETH/USD critical demand zone holds the price for now


  • Ethereum price is trading in the green, up with gains of 4.80% in the second half of the session.
  • ETH/USD bulls are trying to escape a bearish pennant structure via the daily.
  • The price had been consolidating over the last six sessions following the steep fall between 20-24 September.

 

ETH/USD daily chart

There is critical daily support seen at $165, failure to hold could invite a fresh wave of selling pressure. Should the price force a daily closure out from the pennant, eyes will be on $180 and then $200 resistance areas. 

ETH/USD 60-minute chart

The price is edging out from a narrowing range block formation seen via the 60-minute. 

 

 

 

Spot rate:                 177.63

Relative change:      +4.80%

High:                         179.57

Low:                          165.44

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