Ethereum Technical Analysis: ETH/USD ascending channel of doom, leading bulls up for a deeper potential drop

• Ethereum price on Wednesday was seen nursing losses of around 2.5%, one of the underperformers across the market.
• ETH/USD price action is moving within an ascending channel pattern, subject to a potential breakout to the downside.
• Short-term there may be room for further upside up until $225-230 region well a supply zone tracks and the upper part of the channel.

ETH/USD 60-minute chart  

Spot rate:                    214.04

Relative change:        -2.45%

High:                           219.80

Low:                            207.31

Trend:                        Bearish

Resistance 1:               218.28,  50MA (60-minute).  

Resistance 2:               225.00, upper part of rising channel & lower part of supply zone.

Resistance 3:               229.58,  100MA (60-minute), consolidation area 21 Sept, prior to rally.

Support 1:                  212.35, lower part of channel.

Support 2:                    203.45, support on 60-minute & 25 September low.

Support 3:                  194.50, demand zone.

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