Ethereum Technical Analysis: ETH/USD there is some hope in this channel of death

• Ethereum price is seen down with modest losses just over 1% on Wednesday.  
• ETH/USD is moving within a descending channel pattern formation.
• Despite the decline of price action within the mentioned pattern, there is room for a breakout to the upside from this.  

ETH/USD 60-minute chart
 

Spot rate:                   108.43

Relative change:       -1..25%

High:                          110.31

Low:                           105.97

Trend:                         Bearish

Support 1:                   105.71, daily pivot point support.

Support 2:                   101.58, daily pivot point support.

Support 3:                   97.67, daily pivot point support.

Resistance 1:              109.33, upper part of descending channel.  

Resistance  2:              113.75, daily pivot point resistance.

Resistance  3:              117.65, daily pivot point resistance.

ETH/USD 4-hour chart

• Price action is moving within a range-block, during current consolidation mode.