Ethereum Technical Analysis: ETH/USD strong daily support saves the price for now; trouble could still be around the corner

Etheruem price on Monday trading up with decent gains of 3.6% into the second half of the day.
ETH/USD bounced off a large daily support area seen at $133, a failure to hold could see a free-fall back down to $100.

Ken Chigbo Independent Analyst

ETH/USD 15-minute chart

Narrowing price action observed via the 15-minute chart view, indicating of a potential near-term explosive breakout.

Spot rate: 138.39

Relative change: +3.62%

High: 141.04

Low: 133.28

Trend: Bullish

Trends:
    Daily SMA20: 128.81
    Daily SMA50: 124.49
    Daily SMA100: 122.95
    Daily SMA200: 179.85
Levels:
    Previous Daily High: 167.77
    Previous Daily Low: 133.2
    Previous Weekly High: 152.82
    Previous Weekly Low: 123.04
    Previous Monthly High: 163.23
    Previous Monthly Low: 102.17
    Daily Fibonacci 38.2%: 146.4
    Daily Fibonacci 61.8%: 154.56
    Daily Pivot Point S1: 121.89
    Daily Pivot Point S2: 110.26
    Daily Pivot Point S3: 87.32
    Daily Pivot Point R1: 156.46
    Daily Pivot Point R2: 179.4
    Daily Pivot Point R3: 191.04

ETH/USD 60-minute chart

Price action narrowing within a pennant pattern structure, something seen with several of its peers.

ETH/USD daily chart

Price action managed to catch a firm chunky bounce off key daily support, eyed at the $133 level.

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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