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Ethereum Price Analysis: ETH/USD bears hunting for a full reversal

  • Ethereum price is trading in the red by 1.75% in the session on Friday. 
  • ETH/USD moving within consolidation mode, following the huge gains in the prior session. 
  • Heavy supply should be noted at the range of $170-180, capping upside. 
Ethereum Price Analysis: ETH/USD bears hunting for a full reversal
Ken ChigboKen ChigboIndependent Analyst

ETH/USD daily chart

A surge in upside momentum on Thursday seemingly coming as the price broke out of a narrowing five-day range, also there are prospects of a breached bullish flag retest. 

ETH/USD 60-minute chart

Given current price behaviour, there is a risk of reversal, in terms of the gains made on Thursday, 

Spot rate:                      169.55

Relative change:          -1.75%

High:                             173.52

Low:                              168.56

Author

Ken Chigbo

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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