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Ethereum technical analysis: ETH/USD bearish flag breakout

  • Ethereum price is trading in the red, down 3.30% the session on Wednesday.
  • ETH/USD is breaking out from a bearish flag structure, which is inviting further sellers. 
  • The price has struggled to escape a bearish trend since June, rallies continue to be sold. 
Ethereum technical analysis: ETH/USD bearish flag breakout
Ken ChigboKen ChigboIndependent Analyst

ETH/USD daily chart

Price action has breached a bearish flag structure, leaving the door open to another wave of selling.

ETH/USD 60-minute chart

A near-term bearish pennant structure has been breached via the 60-minute chart view. 

Spot rate:                  186.07

Relative change:      -3.35%

High:                         181.35

Low:                          177.29

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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