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Ethereum Technical Analysis: ETH/USD makes a strong surge through a descending wedge pattern, as bears downside move runs dry for now

Ethereum price was seen holding modest gains just shy of 1% on Friday, after going through a punishing week of selling.
ETH/USD breaks out of a descending wedge pattern, playing to the text book with the move through.

Ken Chigbo Independent Analyst

ETH/USD 30-minute chart

Spot rate: 413.43

Relative change: +2.01%

High: 415.78

Low: 397.84

Trend: Neutral

Support 1: 413.17, 100MA.

Support 2: 408.58, 50MA.

Support 3: 407.09, above broken wedge pattern.

Resistance 1: 415.80, (resistance on 30-minute chart), strong top area.

Resistance 2: 416.00, new supply area.

Resistance 3: 424.18, 2nd August high and supply zone.

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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