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Ethereum technical analysis: ETH/USD bearish flag structure breakout allows sellers to capitalize

  • Ethereum price is trading in the red, down 0.15% the session on Monday. 
  • ETH/USD has fallen over $50 within the last six weeks of trading. 
  • The price runs the risk of the psychological $100 mark being tested to the downside. 
Ethereum technical analysis: ETH/USD bearish flag structure breakout allows sellers to capitalize
Ken ChigboKen ChigboIndependent Analyst

ETH/USD weekly chart

Price action is running towards its sixth consecutive week in the red, as the bears maintain full control in current trend. 

ETH/USD daily chart

Near-term price action is subject to further downside risks, after breaching bearish flag. 

Spot rate:                   140.63

Relative change:        -1.10%

High:                           142.53

Low:                            139.86

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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