Ethereum technical analysis: ETH/USD bears force breakout of near-term pennant structure
- Ethereum price in the session on Monday is trading with losses of some 1.50%.
- ETH/USD bears are forcing the price to head back down south for a big retest of an ascending trend line of support, tracking around $200.
- The price is running at its fourth consecutive session in the red, after losing upside momentum.
Spot rate: 207.80
Relative change: -1.50%
High: 211.77
Low: 204.31
ETH/USD daily chart
- The price is subject to retesting a critical ascending trend line of support via the daily view.
ETH/USD 60-minute chart
- Price action has broken out from a bearish pennant structure, subject to further selling pressure.
Author
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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