Ethereum technical analysis: ETH/USD bearish pennant structure subject to price breakout
|- Ethereum is trading in positive territory, holding gains of some 1.60% in the second half of Wednesday.
- ETH/USD is subject to downside given the bearish pennant structure formation.
- There is heavy supply seen at $240, which is capping upside for the bull recovery.
Spot rate: 216.10
Relative change: +1.60%
High: 216.39
Low: 200.90
ETH/USD 60-minute chart
- Price action via the 60-minute is breaking out from a descending channel formation.
ETH/USD daily chart
- The price is moving within a bearish pennant structure via the daily view.
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