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Ethereum Technical Analysis: ETH/USD heading into a pivotal trend defining zone

Ethereum price on Friday is trading in negative territory, nursing losses of some 0.30%.
ETH/USD price action has completed a breakout and is set for a big retest of a descending wedge pattern formation.
Fidelity recently noted that they are holding off on Ethereum support for now, due to the hard fork upgrades.

Ken Chigbo Independent Analyst

Spot rate: 137.40

Relative change: -0.37%

High: 141.27

Low: 136.21

Trends:
    Daily SMA20: 138.86
    Daily SMA50: 124.51
    Daily SMA100: 121.85
    Daily SMA200: 169.74
Levels:
    Previous Daily High: 141.28
    Previous Daily Low: 136.21
    Previous Weekly High: 167.77
    Previous Weekly Low: 127.73
    Previous Monthly High: 167.77
    Previous Monthly Low: 101.12
    Daily Fibonacci 38.2%: 138.15
    Daily Fibonacci 61.8%: 139.34
    Daily Pivot Point S1: 135.4
    Daily Pivot Point S2: 133.27
    Daily Pivot Point S3: 130.34
    Daily Pivot Point R1: 140.47
    Daily Pivot Point R2: 143.41
    Daily Pivot Point R3: 145.54

ETH/USD 60-minute chart

Price action via the near-term 60-minute view is range-bound, losing ground to the upside.

ETH/USD daily chart

ETH/USD edging back towards safety as seen via the daily time frame, the price has broken out from a wedge and is now going for the retest.

Author

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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