Ethereum Technical Analysis: ETH/USD there is some hope in this channel of death

  • Ethereum price is seen down with modest losses just over 1% on Wednesday. 
  • ETH/USD is moving within a descending channel pattern formation.
  • Despite the decline of price action within the mentioned pattern, there is room for a breakout to the upside from this. 

 

ETH/USD 60-minute chart
 

 

Spot rate:                  108.43

Relative change:      -1..25%

High:                         110.31

Low:                          105.97

 

Trend:                        Bearish

 

Support 1:                  105.71, daily pivot point support.

Support 2:                  101.58, daily pivot point support.

Support 3:                  97.67, daily pivot point support.

Resistance 1:             109.33, upper part of descending channel. 

Resistance 2:             113.75, daily pivot point resistance.

Resistance 3:             117.65, daily pivot point resistance.

 

ETH/USD 4-hour chart

  • Price action is moving within a range-block, during current consolidation mode.

 

 

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