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.

Ken Chigbo Independent 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

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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ETH/USD 60-minute chart

ETH/USD daily chart

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