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Ethereum Price Analysis: ETH/USD big breakout looming

  • Ethereum price is trading in the green by +2.30% in the session on Friday. 
  • The bulls are pressing for a breakout from a descending channel structure. 
  • In terms next major zone of support, this is seen from a range of $160-150. 
Ethereum Price Analysis: ETH/USD big breakout looming
Ken ChigboKen ChigboIndependent Analyst

ETH/USD weekly chart

The price is running at its fourth consecutive week in the green, having jumped from $120 up to $175. Market bulls are attempting to breakout from a descending channel structure. 

ETH/USD daily chart

Price action is flirting with the upper acting trend line of the channel, attempting to force a breach. 

Spot rate:                     161.19               

Relative change:          +2.30%

High:                            174.22

Low:                             162.08

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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