Ken Chigbo
Independent Analyst
- Ethereum price is flirting with the supply zone, of which it has not been above since 23rd May.
- ETH/USD upside resistance seen between $608-630, support within the near-term at $602.
The Ethereum price has stagnated somewhat on Wednesday slipped back into a touted supply zone, this tracks from $608-630. Despite the Ethereum moving back into this selling area, price action recently has formed a bullish pennant pattern.
ETH/USD price continued to move within the ascending channel, viewing the larger picture on the 60-minute time frame. Since bouncing off the lower trend line of the channel and jumping over 4% on Tuesday, the price action has narrowed in range, which would suggest another breakout could be pending.
Given the recent behavior as mentioned above, bulls will be looking at attempting a break through the strong touted supply zone, within the near-term. Resistance immediately seen at $608-610 the upper trend line of the pennant pattern, then the chunky supply zone of $608-630. Support is seen at $602 the 100MA and the lower trend line of the pennant.
EHT/USD 60-minute chart
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