Ethereum Technical Analysis: ETH/USD heading into a pivotal trend defining zone

Ethereum price on Friday is trading in negative territory, nursing losses of some 0.30%.
ETH/USD price action has completed a breakout and is set for a big retest of a descending wedge pattern formation.
Fidelity recently noted that they are holding off on Ethereum support for now, due to the hard fork upgrades.

Ken Chigbo Independent Analyst

Spot rate: 137.40

Relative change: -0.37%

High: 141.27

Low: 136.21

Trends:
    Daily SMA20: 138.86
    Daily SMA50: 124.51
    Daily SMA100: 121.85
    Daily SMA200: 169.74
Levels:
    Previous Daily High: 141.28
    Previous Daily Low: 136.21
    Previous Weekly High: 167.77
    Previous Weekly Low: 127.73
    Previous Monthly High: 167.77
    Previous Monthly Low: 101.12
    Daily Fibonacci 38.2%: 138.15
    Daily Fibonacci 61.8%: 139.34
    Daily Pivot Point S1: 135.4
    Daily Pivot Point S2: 133.27
    Daily Pivot Point S3: 130.34
    Daily Pivot Point R1: 140.47
    Daily Pivot Point R2: 143.41
    Daily Pivot Point R3: 145.54

ETH/USD 60-minute chart

Price action via the near-term 60-minute view is range-bound, losing ground to the upside.

ETH/USD daily chart

ETH/USD edging back towards safety as seen via the daily time frame, the price has broken out from a wedge and is now going for the retest.

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face pressure near key technical barriers

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) hover around key levels on Monday after correcting slightly in the previous week. The top three cryptocurrencies by market capitalization could face increased downside risk as bearish momentum builds across key indicators.

Top Crypto Losers: DASH, SPX, PENGU – Privacy and meme coins lose ground

Altcoins, including Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU), are leading losses as the broader cryptocurrency market remains cautious ahead of the macroeconomic data releases, such as the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

Legal Text

Markets move fast. We move first.

Editor's Picks