Ethereum Technical Analysis: ETH/USD looking to use 50% Fibonacci as a launch pad up to reignite bullish momentum

  • Ethereum price came under pressure on Wednesday, as price further consolidated after the initially decent start to the week.
  • ETH/USD has been stuck in a narrowing range in the session, but looking for a near-term breakout to the upside.
  • The price has been magnetized to the 50% Fibonacci, looking to soon use this as a launch pad to reignite upside momentum.

 

ETH/USD 15-minute chart

Spot rate:                    530.08

Relative change:         -1.57%

High:                           538.91

Low:                            516.63

 

Trend:                         Bearish/Neutral

 

 

Support 1:                   518.05, 50% Fibonacci.

Support 2:                   510.50, 61.8% Fibonacci & (support on 15-minute chart).

Support 3:                   506.98, ascending trend line.

Resistance 1:              528.60, 100MA.

Resistance 2:              534.35, 23.6% Fibonacci and supply area.

Resistance 3:              538.91, today’s (Wednesday) high.

 

 

 

 

 


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