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Ethereum technical analysis: ETH/USD back to moving within a bearish pennant

  • Ethereum price is trading in the red, down 2.40% the session on Thursday.
  • ETH/USD is back to moving within a bearish pennant structure, subject to further potential downside pressure. 
  • The bears failed to break down the strong barrier heading into $200. 
Ethereum technical analysis: ETH/USD back to moving within a bearish pennant
Ken ChigboKen ChigboIndependent Analyst

ETH/USD daily chart

Following a fakeout period between 23-24 October, ETH/USD is back within the confinements of a bearish pennant. 

ETH/USD 60-minute chart

.Near-term price action is moving within a descending channel structure

. 

Spot rate:                  189.45

Relative change:      -2.40%

High:                         192.31

Low:                          184.99

Author

Ken Chigbo

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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