After Recent Decline Ethereum Price Bullish Above $126


January 2, OctaFX – Buyers have regained control of price-action in early Wednesday trading after Ethereum’s recent decline found strong technical support from the $111.00 level.

Ethereum Price Technical Analysis

The ETHUSD pair is only intraday bullish while trading above the neckline of the inverted head and shoulders pattern, at $126.00. Bulls may test towards the former weekly high, at $158.00, and potentially the $170.00 level.

  • The ETHUSD pair is bullish while trading above the $126.00 level, key resistance is found at the $158.00 and $170.00 levels.
  • If ETHUSD pair trades below the $126.00 level, sellers may test towards the $111.00 and $100.00 support levels.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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