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Ethereum Price Analysis: ETH/USD the bulls have set up their station for a re-launch higher

  • Ethereum price on Monday was seen nursing minor losses of some 1.3%, cooling just marginally after the chunky jump on Sunday.
  • ETH/USD formed a bullish Doji on Sunday, as seen with several of its peers across the board.
  • Price is moving within a descending channel pattern, subject to a breakout from the bulls. 


ETH/USD daily chart 

Spot rate:                  115.52

Relative change:      -1.30%

High:                         119.46

Low:                          112.83

Trend:                        Bearish/Neutral

Support 1:                  104.95, lower part part of recent range block.

Support 2:                  93.24, daily pivot point support.

Support 3:                  85.50, daily pivot point support.

Resistance 1:             119.25, upper part of channel.

Resistance 2:             124.40, daily pivot point resistance.

Resistance 3:             132.14, daily pivot point resistance.

ETH/USD 60-minute chart

  • The clarity of the descending channel formation can be seen via the 60-minute chart view, subject to a potential breakout to the upside. 

Source: fxstreet


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