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Ethereum technical analysis: ETH/USD bearish pennant structure eyed

  • Ethereum price is trading down some 5% in the second half of the session on Thursday. 
  • ETH/USD price action via the 60-minute chart view is moving within a bearish penannt structure. 
  • Next major demand zone to the downside eyed at around $230, should the bears manage to further press south. 
Ethereum technical analysis: ETH/USD bearish pennant structure eyed
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 273.54

Relative change:      -5.19%

High:                        288.65

Low:                         262.00

ETH/USD 60-minute chart

  • Price action is moving within a bearish pennant via the 60-minute, subject to a potential move south. 

ETH/USD daily chart

  • An extension to the downside was seen following a key daily trend line failing to hold the price. 

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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