Ethereum Technical Analysis: ETH/USD price action narrows within early $500 territory, eyes on bearish flag formation

  • Ethereum remains on the back foot during trading through Tuesday’s session, down 1.30%.
  • A bearish flag formation can be eyed on the 15-minute chart view.
  • ETH/USD price has been trading within a tight $30 range, over the past two sessions.

 

ETH/USD 15-minute chart

 

Spot rate:                    523.71

Relative change:         – 1.33%

High:                            544.25

Low:                            519.54

 

Trend:                          Bearish

 

 

Support 1:                   520.00, lower trend line of flag.

Support 2:                   509.30, (support on 15-minute chart)

Support 3:                   505, demand zone entry.  

Resistance 1:              525.60, 100MA.

Resistance 2:              529.05, 50MA.

Resistance 3:              533.50, entry supply zone.

 

 

 

 

 

 


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