Ethereum Price Analysis: ETH/USD bear flag remains a big risk

Ethereum price is trading in the green by 0.40% in the session on Tuesday.
ETH/USD is running at two consecutive sessions in the red, after $190 rejection.
Price action remains within the confinements of a bearish flag structure.

Ken Chigbo Independent Analyst

ETH/USD daily chart

The price has been grinding higher since bouncing back from harsh selling in March, forming a flag pattern from 13 March. A breakout south would invite a fresh wave of downside pressure.

ETH/USD 60-minute chart

A near-term flag is observed via the 60-minute chart, of which the bears have forced a breakout to the downside.

Spot rate: 171.32

Relative change: +0.40%

High: 174.84

Low: 168.41

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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