- Ethereum price on Thursday is heavily on the back foot, down into the second half of the session.
- ETH/USD, just like the rest of the market, there are several confluences which point to further downside.
ETH/USD 15-minute chart
- Price action is moving within a large descending channel pattern formation.
Spot rate: 126.80
Relative change: -4.37%
High: 139.14
Low: 122.28
Trend: Bearish
Support 1: 125.85, daily pivot point support.
Support 2: 119.03, daily pivot point support.
Support 3: 112.38, daily pivot point support.
Resistance 1: 139.32, daily pivot point resistance.
Resistance 2: 145.97, daily pivot point resistance.
Resistance 3: 152.79, daily pivot point resistance.
ETH/USD 60-minute chart
- ETH/USD is being supported by an ascending trend line via the 60-minute chart view, it has been in play since 19th December.
ETH/USD daily chart
- Candlestick on 24th December formed a bearish pin bar, leading to further cooling.
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