ETH/USD heading for another retest of supporting daily trend line

Fibo Quantum

  • Ethereum price is trading in the red on Friday down some 3% in the second part of the day. 
  • ETH/USD a long running ascending trend line can be supporting the price for now via the daily view. 
  • Near-term price rallies appear vulnerable to downside, given bulls capped by supply at $230.

Spot rate:                  218.22

Relative change:      -3.15%

High:                         226.52

Low:                          213.24

 

ETH/USD 60-minute chart

  • Near-term bearish flag structure subject to a potential breakout south, via the 60-minute. 

ETH/USD daily chart

  • Critical trend line of support has been in play since March, with the price subject to retesting this.