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Ethereum technical analysis: ETH/USD bearish pennant breached, opens door to further selling

  • Ethereum price is trading in negative territory, nursing losses of some 2.60% on Thursday.
  • ETH/USD smashed out from breached daily pennant structure, making way for further downside. 
  • The price is heading down to the a big area of potential support at $150.
Ethereum technical analysis: ETH/USD bearish pennant breached, opens door to further selling
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 168.50

Relative change:      -2.60%

High:                         173.49

Low:                          166.36

ETH/USD

Overview
Today last price168.53
Today Daily Change-4.41
Today Daily Change %-2.55
Today daily open172.94
 
Trends
Daily SMA20196.34
Daily SMA50216.17
Daily SMA100244.98
Daily SMA200200.29
Levels
Previous Daily High188.14
Previous Daily Low166.05
Previous Weekly High203.69
Previous Weekly Low180.01
Previous Monthly High318.46
Previous Monthly Low190.64
Daily Fibonacci 38.2%174.49
Daily Fibonacci 61.8%179.7
Daily Pivot Point S1163.28
Daily Pivot Point S2153.62
Daily Pivot Point S3141.2
Daily Pivot Point R1185.37
Daily Pivot Point R2197.8
Daily Pivot Point R3207.46

ETH/USD daily chart

  • The price is narrowing within a pennant, following the breakout of a bearish flag earlier in the month. 

ETH/USD 60-minute chart

  • Price action via the 60-minute chart view is moving within consolidation mode, attempting to stabilise. The price however is still vulnerable to further downside pressure.

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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