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Ethereum Price Analysis: ETH/USD deadly weekly evening star followed up with another bearish candle

  • Ethereum price is trading in the red by 3.30% in the session on Friday. 
  • ETH/USD is running towards a complete reversal of 2020 gains. 
  • The price has been falling for two consecutive weeks, with no sign of respite. 
Ethereum Price Analysis: ETH/USD deadly weekly evening star followed up with another bearish candle
Ken ChigboKen ChigboIndependent Analyst

ETH/USD weekly chart

The next critical area of support is eyed down at the depressed levels of $140, where an ascending trend line can be observed. 

ETH/USD daily chart

A daily zone of support should be noted at the range of $230 - 210. Failure to hold could prove to be punishing, in forcing the price back down to the noted $140 weekly support. 

Spot rate:                     230.78

Relative change:          -3.30%

High:                             234.70

Low:                              213.86

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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