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

Additional important levels

Overview
Today last price	1255.13
Today Daily Change	0.00
Today Daily Change %	0.00%
Today daily open	1255.13

Trends
Daily SMA20	877.99
Daily SMA50	704.87
Daily SMA100	557.09
Daily SMA200	446.62

Levels
Previous Daily High	1350.88
Previous Daily Low	1157
Previous Weekly High	1291.94
Previous Weekly Low	770
Previous Monthly High	759
Previous Monthly Low	530.32
Daily Fibonacci 38.2%	1231.06
Daily Fibonacci 61.8%	1276.82
Daily Pivot Point S1	1157.79
Daily Pivot Point S2	1060.46
Daily Pivot Point S3	963.91
Daily Pivot Point R1	1351.67
Daily Pivot Point R2	1448.22
Daily Pivot Point R3	1545.55

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