Ethereum Technical Analysis: ETH/USD can not withstand a bull rally and it is sold off


  • Ethereum price is trading with minor gains on Friday of 0.7%, being kept propped up for now by near-term ascending trend lines. 
  • ETH/USD remains vulnerable to giving back the bull run gains seen between 16-24 Dec. 

 

ETH/USD 15-minute chart

  • ETH/USD is being saved for now by a near-term demand area, $115-116. 

Spot rate:                  117.05

Relative change:      +0.45%

High:                         120.74

Low:                          115.99

 

 

 

Trend:                        Neutral

 

Support 1:                  116-115.00, near-term demand zone (15-minute).

Support 2:                  109.58, daily pivot point support.

Support 3:                  102.42, daily pivot point support.

Resistance 1:             128.97, daily pivot point resistance.

Resistance 2:             141.20, daily pivot point resistance.

Resistance 3:             148.35, daily pivot point resistance.

 

ETH/USD 60-minute chart

  • Price action has cooled back south to an ascending trend line, which formed at the start of the 16th December uptrend. 

ETH/USD daily chart

A key near-term ascending trend line is preventing a total reversal of the 15-24 Dec bull run, for now. 

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