Ethereum Price Analysis: ETH/USD still not out of danger’s sight

The Ethereum price in the back end of trading on Friday is seen trading with minor gains of some 1.33%.
ETH/USD price action remains within the confinements of a bearish pennant structure via the daily frame.

Ken Chigbo Independent Analyst

The Ethereum price in the latter part of trading on Friday was holding very minor gains of some 1.40%. Bulls bounced back across the cryptocurrency market today, after their absence during Thursday, where much cooling was observed.

ETH/USD price action continues to move within a bearish pennant pattern structure, subject to potential downside risks. The formation of this has been taking shape since the back end of February, after the big drop on 24th February.

Technically, given the above-mentioned pattern formation, risks do appear to be pointing to the downside. Key near-term underlying support is seen at $135, the lower tracking trend line of the bearish pennant. Resistance to the upside is observed just above at $141, a daily break and closure above would rule out this bearish structure.

ETH/USD daily 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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