ETH/USD technical analysis: Ethereum finds support

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  • Ethereum is trading 1.35% lower today as general crypto sentiment is weak.
  • Some buyers have come in to stop the price breaking an important support level.

 

On the hourly ETH/USD chart below price bounced off the 173.78 support zone as bulls stopped the pair breaking through an important area.

The volume histogram at the bottom of the chart shows 9.43K worth of volume coming in to save Ethereum from moving lower.

The chart is still showing signs of weakness as the flag pattern shows multiple lower highs and lower lows.

A break above 182.00 could change that pattern and the RSI trendline could also break higher to show an improving outlook.

On the daily chart, there is a massive level at 160.00 that still has not been tested yet. The price has posted 2 daily indecision candles prior to today that are suggesting weakness ahead.

The only good news on the daily chart is the RSI divergence which indicates downside momentum is wearing thin.

Ethereum Analysis

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