Ethereum Technical Analysis: ETH/USD launches well into bullish mode, breaking pennant to the upside
- Ethereum price makes decent ground to recover recent losses encountered, up over 5% on Monday.
- ETH/USD breaks out from a bullish pennant pattern, looking to push to the upper part of a descending channel.
ETH/USD 60-minute chart
Spot rate: 475.61
Relative change: +5.22%
High: 479.00
Low: 443.10
Trend: Bullish
Resistance 1: 479.00, today’s (Monday) high.
Resistance 2: 490.40, upper resistance of descending channel.
Resistance 3: 500.00, psychological resistance.
Support 1: 462.58, (support on 60-minute chart).
Support 2: 450.10, on top of broken pennant pattern.
Support 3: 441.50, (support on 60-minute chart).
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.
