ETH / USD is some hope in this death channel

• The price of Ethereum is seen to fall with modest losses of just over 1% on Wednesday.
• ETH / USD is moving within a pattern formation of descending channels.
• Despite the decline in price action within the model mentioned, there is room for an upside break from this.

ETH / USD 60-minute chart

Spot rate: 108.43

Relative change: -1.25%

High: 110.31

Low: 105.97

Trend: bearish

Support 1: 105.71, daily support of the articulation point.

Support 2: 101.58, daily support of the articulation point.

Support 3: 97.67, daily support of the articulation point.

Resistance 1: 109.33, upper part of the descending channel.

Resistance 2: 113.75, resistance to the daily rotation point.

Resistance 3: 117.65, resistance to the daily rotation point.

ETH / USD 4-hour chart

• The price action is moving within a range lock, during the current consolidation mode.