Ethereum Price Remains Under Downside Pressure

February 5, OctaFX – Ethereum remains under downside pressure in the near-term, with the third largest cryptocurrency by market capitalization trading within a triangle pattern.

A bearish downside break is likely to encourage selling towards the $92.00 level, while a break to the upside may provoke a test of the $110.00 level. The Relative Strength Index on the four-hour time frame is showing that the ETHUSD pair has yet to reach oversold trading conditions.

ETHUSD Technical Analysis

  • The ETHUSD pair is bearish while trading below the $110.00 level, key support is found at the $92.00 and $78.00 levels.
  • If ETHUSD pair trades above the $110.00 level, key resistance is found at the $115.00 and $125.00 levels.


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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