Ethereum price analysis: ETH/USD drops lower from an ascending narrowing wedge

Price breaks out of an ascending narrowing wedge for ETH/USD on 1-hour time frame.
Soft news flow updates not helping to provide bullish sentiment.

Ken Chigbo Independent Analyst

The Ethereum price is seen holding modest gains of 1%, after giving back much of its progress made in the early part of Wednesday’s session. Ethereum had been making a steady comeback after its selling pressure seen last week, where the price produced lows of $450.

Over the shorter-term time frames, much of the big altcoins have been demonstrating some bullish signs, however its important not to forget that the market is still suck within a bearish trend. There has been little bullish news flow to help prop up sentiment, as several social media platforms crackdown on cryptocurrency ads.

ETH/USD has breached an ascending narrowing wedge, seen on the 1-hour time frame. The price lost ground at $581, before breaking the underlying trend line and being caught by the 50MA. ETH/USD is currently flirting with the bottom line of the pattern, tracking around $568, as proving to be resistance for now. Support as mentioned came into play at the 50MA, at $555.

ETH/USD 1-hour chart

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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