Ethereum Price Analysis: ETH/USD is patiently awaiting upon its doomed fate
- Ethereum price nursing chunky losses of Tuesday of around 3.5% in the session, as it continues to be attacked by bears.
- ETH/USD price action is narrowing within a pennant pattern, like several other altcoins.
The Ethereum price was seen down heavily on Tuesday by 3.5%, as the bears continue to attack in full force across the crypto market. Indicators remains firmly pointed to the downside, as market participants continue to scratch their heads on where the bottom will be.
ETH/USD has now dropped a hefty 35% in just 7 days of trading, such a steep large fall in a very short time frame. The initial selling pressure kicking in around $300, where the price action was narrowing on 5TH September, seeing Ethereum breakout aggressively from a triangular pattern.
Technically, the price of Ethereum is still very much vulnerable to a further heavy attack, current price action spells trouble. A narrowing in the range in being observed, which typically sees a big breakout, which is pointing to the downside currently. Support in the near-term seen immediately at $189, lower part of the pennant formation and then a demand zone tracks from $185-190.
ETH/USD 60-minute 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.
