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Ethereum technical analysis: ETH/USD exposed to a potential vicious attack from bears

  • Ethereum price on Tuesday is nursing losses of some 1.7% in the latter stages of trading. 
  • ETH/USD via the daily time frame has smashed out from a rising wedge formation. 
  • A decent demand zone can be observed from $240 down to $215, which could prove to be critical. 
Ethereum technical analysis: ETH/USD exposed to a potential vicious attack from bears
Ken ChigboKen ChigboIndependent Analyst

Spot rate:               245.54

Relative change:   -1.70%

High:                      251.21

Low:                       237.04

ETH/USD 4-hour chart

  •  ETH/USD is sitting just above a well-needed area of demand, supporting the price at present, after a wedge breakout seen via the daily.

ETH/USD daily chart

  • Price action via the daily time frame has extended to the downside from a rising wedge formation. 

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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