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ETH/USD surges out from a descending channel

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  • Ethereum was licking its wounds with losses of just 2.2%, after starting the session initially firmly on the back foot.
  • ETH/USD price action had formed a descending channel formation, which has since seen a decent breakout to the upside.
  • A broader recovery seen across the market, sustainability is however in question. 
  • Short term views the price was oversold, however more long-term, there is potentially still room for downside. 

 

ETH/USD 60-minute chart 

 
 

Spot rate:                 144.15

Relative change:      -2.25%

High:                         177.10

Low:                          144.94

 

Trend:                       Bearish

 

Support 1:                 136.21, daily pivot point support.

Support 2:                 124.28, daily pivot point support.  . 

Support 3:                 103.62, daily pivot point support.

Resistance 1:            168.81, daily pivot point resistance. 

Resistance 2:            189.46, daily pivot point resistance. 

Resistance 3:            201.40, daily pivot point resistance.

 

ETH/USD weekly chart

  • Looking via the weekly chart view, price action is testing a vital weekly support. Levels not seen since July 2017.

 

 

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