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Ethereum technical analysis: ETH/USD laying foundations for potential pullback, but must break stubborn resistance

  • Ethereum on Wednesday is trading marginally in the green, gains of some 0.50%. 
  • ETH/USD remains supported by decent demand at the psychological $200 mark, forming a potential bottom for bull recovery. 
  • There continues to be a lack of commitment from the market, as price remains within penannt, via daily. 
Ethereum technical analysis: ETH/USD laying foundations for potential pullback, but must break stubborn resistance
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 216.08

Relative change:      +3.00%

High:                         217.92

Low:                          209.66

ETH/USD 60-minute chart

  • Price action via the 60-minute chart view is smashing out from a mundane range, $212-205.00 area. 

ETH/USD daily chart

  • ETH/USD via the daily, like many of its peers is narrowing within the penannt still, given lack of commitment. 

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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