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Ethereum Technical Analysis: ETH/USD rocketed 9% higher, but more to come

  • Ethereum on Thursday is resuming bullish momentum, up with gains over 9% so far in the session.
  • Near-term supply seen around $110-114 must be broken down, to allow for another wave of buying pressure. Eyes would then be on the next target, $130 territory. 
Ethereum Technical Analysis: ETH/USD rocketed 9% higher, but more to come
Ken ChigboKen ChigboIndependent Analyst

ETH/USD 15-minute chart


 

Spot rate:                 109.08 

Relative change:      63.45%

High:                         112.23

Low:                          99.83

Trend:                        Bullish

Resistance 1:             110.50, area of supply. 

Resistance 2:             112.58, daily pivot point resistance.

Resistance 3:             115.88, daily pivot point resistance.

Support 1:                  103.10, ascending near-term trend line. 

Support 2:                  97.40, daily pivot point support.

Support 3:                  94.11, daily pivot point support.

ETH/USD 60-minute chart

  • Near-term ascending trend line providing support to ETH/USD via the 60-minute. Comfort could be seen down around $103, should momentum be lost by the bulls.

ETH/USD 4-hour chart

  • For a greater wave of buying pressure, the bulls must breakdown the highlighted supply, tracking from $110-114. 

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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