ETH/USD upside remains capped by $850

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  • Firm resistance seen at $850 during trading on Friday
  • ETH/USD stuck within a horizonal channel
  • 200DMA keeping price at bay

 

Ethereum during trading on Friday is being held by strong resistance seen around $850, after its big recovery in price earlier in the week. Across the market, there appears to be a cautious theme of trading, given this week’s events, that resulted in large swings.

The market bias remains to be chosen, looking technically, ETH/USD is currently trading within a horizontal channel, with the upper trendline holding around $850 as resistance. Support at the lower trendline is around $750 as has proven.

Within the H1 time frame view, the 200DMA is also seen at the upper resistance mentioned. Should ETH/USD break out of this horizontal channel, doors can be reopened to see prices back above the $900 area.

 

ETH/USD H1 chart

 

 

Source

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