Ethereum Price Analysis: ETH/USD critical daily support being tested as bears take control
- Ethereum price is trading in the red by 0.40% in the session on Monday.
- ETH/USD has been falling for three consecutive sessions, with the price losing last week’s upside momentum.
- The price has been forced to reverse some of the strong gains made last week.
ETH/USD daily chart
The bears are really testing critical daily support around the range of $250-230, a breach could be very punishing.
ETH/USD 60-minute chart
Price action is making an attempt to move out from a bearish pennant structure. An hourly closure back above this would void the downside technical pattern.
Spot rate: 257.80
Relative change: -0.40%
High: 261.50
Low: 242.72
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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