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Ethereum Technical Analysis: ETH/USD little pullback allows some consolation for the bulls after brutal beating

Ethereum price on Thursday holding small gains of just over 1.5%, after the heavy selling on Wednesday and overnight.
ETH/USD bulls make a breakout from a near-term descending wedge pattern.

Ken Chigbo Independent Analyst

ETH/USD 60-minute chart

Spot rate: 230.72

Relative change: -1.48%

High: 232.78

Low: 211.19

Trend: Bullish/Neutral

Resistance 1: 232.80, resistance on 60-minute chart.

Resistance 2: 245.85, consolidation area before resumed selling pressure.

Resistance 3: 249.20, former demand area, new potential supply.

Support 1: 225.90, on top of broken wedge pattern.

Support 2: 221.55, demand zone.

Support 3: 218.23, inner lower trend line of descending wedge.

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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Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

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