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Ethereum technical analysis: ETH/USD breakout is imminent giving extreme price narrowing

  • Ethereum price on Thursday is trading in negative territory, with losses of some 2.25%. 
  • ETH/USD story has not changed like many price action remains within a narrow pennant. 
  • Critical daily support is observed the psychological $200 price mark, failure to hold could be very punishing. 
Ethereum technical analysis: ETH/USD breakout is imminent giving extreme price narrowing
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 213.87

Relative change:      -2.20%

High:                         219.35

Low:                          211.03

ETH/USD 60-minute chart

  • ETH/USD via the 60-minute remains very much directionless, lack of committed trend. 

ETH/USD daily chart

  • Price action is narrowing, the upside is capped at $220, downside at $200. 

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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