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Ethereum Technical Analysis: ETH/USD potential for a fast fall to $22 on the cards

FX Street
Published date:
  • Ethereum price on Friday is nursing losses in the second part of the day, down 1.8%.
  • ETH/USD is trading within the confinements of a horizontal wedge pattern structure.  

ETH/USD 15-minute chart

  •  Bullish momentum seen, following bounce of near-term supportive trend line.  

 

Spot rate:                   121.53

Relative change:       -1.85%

High:                          123.93

Low:                           119.99

 

Trend:                         Bearish  

 

Support 1:                  119.79, daily pivot point support.

Support 2:                  115.95, daily pivot point support.

Support 3:                  113.54, daily pivot point support.

Resistance 1:             126.04, daily pivot point resistance.

Resistance  2:             128.45, daily pivot point resistance.

Resistance  3:             132.29, daily pivot point resistance.

 

ETH/USD 60-minute chart

 

ETH/USD daily chart

  • Price action remains very much narrow and moving within within a horizontal wedge structure.  

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