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Ethereum Technical Analysis: ETH/USD seeing a drop below the big psychological $100 mark remains possible

  • Ethereum price on Monday has found itself on the back foot again, nursing losses of around 0.5%. 
  • ETH/USD remains vulnerable to another wave of selling, a fall below the psychological $100 mark could be seen. 

ETH/USD 15-minute chart

  • Near-term price action is moving within an ascending channel formation. 

Spot rate:                 117.91

Relative change:      -0.42%

High:                         118.72

Low:                          114.31

Trend:                        Bearish 

Support 1:                112.64 , daily pivot point support.

Support 2:                106.85, daily pivot point support.

Support 3:                100.44, daily pivot point support.

Resistance 1:           124.84, daily pivot point resistance.

Resistance 2:           131.25, daily pivot point resistance.

Resistance 3:           137.04, daily pivot point resistance.

ETH/USD 60-minute chart

  • Upside remains capped by a near-term descending trend line. 

ETH/USD daily chart

  • Buying continues to prevent a free-fall in demand zone, $117-112 range. 

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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