Ethereum Technical Analysis: ETH/USD recovery loses ground, with bears desperately looking to swoop back in

  • Ethereum price modest decent gains of over 3% on Friday, after price staged a rebound from Thursday's losses.
  • ETH/USD price action has formed a descending channel formation, as seen on the 60-minute chart view.
  • Bulls are forced to further retreat away from the $200 mark, sellers seen above. 

 

 

ETH/USD 60-minute chart 


 
 

Spot rate:                  197.69

Relative change:      +3.42%

High:                         201.82

Low:                          189.50

 

Trend:                       Bullish

 

Resistance 1:           198.60, upper part of channel. 

Resistance 2:           203.58, 50MA (60-minute).

Resistance 3:           215.50, supply area & 100MA (60-minute). 

Support 1:                187.50, lower part of channel.

Support 2:                180.00, support on 60-minute chart.

Support 3:                167.75, 12 September low. 

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