Ethereum Price Forecast: ETH/USD at risk to another deeper fall

Ethereum price is trading in the red by 3.30% in the session on Thursday.
ETH/USD continues to move within a very tight range, breakout looming.
The price has failed to find any direction since the stabilization from selling some two weeks ago.

Ken Chigbo Independent Analyst

ETH/USD daily chart

Further selling pressure can still not be ruled out, as the price is moving within a bearish flag structure, seen since 13 March.

ETH/USD 60-chart

Price action is breaking out to the downside from a narrowing range block formation.

Spot rate: 134.37

Relative change: -1.40%

High: 138.95

Low: 133.47

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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