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.
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.
