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Ethereum Technical Analysis: ETH/USD squeezed below key near-term support

Ethereum price is nursing losses in the session on Thursday, down some 3.7%
ETH/USD bulls were pressed lower and forced to breach a near-term ascending trend line.

Ken Chigbo Independent Analyst

ETH/USD 60-minute chart

Spot rate: 118.95

Relative change: -3.70%

High: 124.00

Low: 115.81

Trend: Bearish

Support 1: 113.12, daily pivot point support.

Support 2: 103.52, daily pivot point support.

Support 3: 96.78, daily pivot point support.

Resistance 1: 119.00, underneath breached trend line.

Resistance 2: 129.65, daily pivot point resistance.

Resistance 3: 136.39, daily pivot point resistance.

ETH/USD daily chart

Following the reversal doji candlestick, upside still looks promising, there is resistance in the way heading into $130. A top area for 23, 24 and 28 November.

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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