ETH/USD makes a strong surge through a descending wedge pattern, as bears downside move runs dry for now


  • Ethereum price was seen holding modest gains just shy of 1% on Friday, after going through a punishing week of selling.
  • ETH/USD breaks out of a descending wedge pattern, playing to the text book with the move through. 

 

ETH/USD 30-minute chart


 

Spot rate:                   413.43

Relative change:       +2.01%

High:                         415.78

Low:                          397.84

Trend:                        Neutral

 

Support 1:                 413.17, 100MA.

Support 2:                 408.58, 50MA.

Support 3:                 407.09, above broken wedge pattern.

Resistance 1:            415.80, (resistance on 30-minute chart), strong top area.

Resistance 2:            416.00, new supply area.

Resistance 3:            424.18, 2nd August high and supply zone. 

 

 

 



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