Ethereum Price Analysis: ETH pullback battles one-week-old rising channel
- ETH/USD remains pressured while extending pullback from 2018 top.
- Bearish MACD challenges the bullish chart formation, 100-bar SMA adds to the downside filters.
ETH/USD drops to $1,239 during early Monday’s trading. The crypto major jumped to the highest since January 2018 during last week before stepping back from $1,350. The corrective move currently eyes the support line of a one-week-old rising channel amid bearish MACD.
Other than the channel’s support, at $1,194 now, the $1,0000 psychological magnet and 100-bar SMA near $910 also offer key support to the ETH/USD traders.
In a case where the quote drops below $910, late December lows near $690 could lure ETH/USD sellers.
Meanwhile, the recently flashed multi-month high near $1,350 and the upper line of the stated channel, currently around $1,405, probe recovery moves.
It should, however, be noted that the pair’s sustained capacity to cross $1,405 will not hesitate to refresh the record high beyond the 2018 top of $1,419.
ETH/USD four-hour chart
Trend: Further weakness expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
