Ethereum Technical  Analysis: ETH/USD recovery loses ground, with bears desperately looking to swoop back in

• Ethereum price modest decent gains of over 3% on Friday, after price staged a rebound from Thursday’s losses.
• ETH/USD price action has formed a descending channel formation, as seen on the 60-minute chart view.
• Bulls are forced to further retreat away from the $200 mark, sellers seen above.  

ETH/USD 60-minute chart  

Spot rate:                   197.69

Relative change:        +3.42%

High:                          201.82

Low:                           189.50

Trend:                        Bullish

Resistance  1:            198.60, upper part of channel.  

Resistance  2:            203.58, 50MA (60-minute).

Resistance  3:            215.50, supply area & 100MA (60-minute).  

Support 1:                 187.50, lower part of channel.

Support  2:                 180.00, support on 60-minute chart.

Support  3:                 167.75, 12 September low.