Ethereum Technical Analysis: ETH/USD vulnerable to downside risks; flag structure eyed

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  • Ethereum price on Wednesday seen trading in the green by some 0.30%.
  • ETH/USD remains subject to downside risks, given bearish pattern structures. 

ETH/USD 15-minute chart

  • Supply zone eyed within the early $120 price area, a near-term barrier for the bulls. 

Spot rate:                119.31 

Relative change:      +0.35%

High:                         120.00

Low:                          118.07

 

Trend:                       Neutral

 

Support 1:                113.65, daily pivot point support.

Support 2:                108.20, daily pivot point support.

Support 3:                104.66, daily pivot point support.

Resistance 1:           122.64, daily pivot point resistance.

Resistance 2:           126.18, daily pivot point resistance.

Resistance 3:           131.63, daily pivot point resistance.

ETH/USD 60-minute chart

  • Near-term bearish flag pattern eyed via the 60-minute view. 

ETH/USD daily chart

  •  Price remains stuck within narrowing range structure, no sign of a breakout as of yet. 

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