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Ethereum Technical Analysis: Bulls eyeing greater gains, with new 2019 highs in sight

Ethereum price on Tuesday was trading comfortably in the green up some 1.7%.
A breakout appears to be imminent as price action narrows within a pennant pattern.

Ken Chigbo Independent Analyst

ETH/USD 15-minute chart

Price action is narrowing greatly within the triangular/pennant pattern, the breakout is nearing.

Spot rate: 149.22

Relative change: +1.71%

High: 151.26

Low: 145.80

Trend: Bullish

Trends:
    Daily SMA20: 117.08
    Daily SMA50: 124.43
    Daily SMA100: 126.45
    Daily SMA200: 187.78
Levels:
    Previous Daily High: 149.99
    Previous Daily Low: 133.09
    Previous Weekly High: 127.09
    Previous Weekly Low: 116.48
    Previous Monthly High: 163.23
    Previous Monthly Low: 102.17
    Daily Fibonacci 38.2%: 143.53
    Daily Fibonacci 61.8%: 139.54
    Daily Pivot Point S1: 136.44
    Daily Pivot Point S2: 126.31
    Daily Pivot Point S3: 119.54
    Daily Pivot Point R1: 153.34
    Daily Pivot Point R2: 160.11
    Daily Pivot Point R3: 170.24

ETH/USD 60-minute chart

Price action has formed a bullish pennant pattern which is subject to a possible breakout north.

ETH/USD daily chart

Bulls set to retest the big high area of 2019, supply observed from $150-160 range.

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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