Ethereum faces resistance

Source: Dukascopy Bank SA


Since the last review, the price for Ethereum has broken the wide channel up pattern that guided the price since June. The breaking was followed by a decline below the December and mid-October low level zone at 3,383.00/3,500.00.

In early January, the pair passed the support of the zone and the 200-day simple moving average and declined to the 3,000.00 mark. Most recently, the currency rate recovered and began to test the 3,383.00/3,500.00 zone and the 200-day SMA. Meanwhile, it was spotted that Ethereum had been declining in a channel down pattern since early November.

If the rate passes the resistance zone and the 3,500.00 level, it would face the upper trend line of the channel down pattern near 3,600.00. Higher above, the 50-day simple moving average might act as resistance near 3,900.00. In the case that all of these resistance levels are passed, the cryptocurrency would have no resistance as high as the all-time-high level zone at 4,775.00/4,865.00.

However, a bounce off from the resistance zone would look for support in the 3,000.00 mark. Below 3,000.00, the September low level zone at 2,660.00/2,750.00 could stop a decline.
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