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Ethereum technical analysis: ETH/USD bullish pennant remains intact subject to a breakout

  • Ethereum price is trading in negative territory on Thursday, down 1% in the second half. 
  • ETH/USD price action is moving within a bullish pennant pattern formation, subject to a potential breakout.
  • Next major barrier for the bulls to break down for greater upside remains to be $280. 
Ethereum technical analysis: ETH/USD bullish pennant remains intact subject to a breakout
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 259.89

Relative change:      +1.40%

High:                        264.55

Low:                         256.15

ETH/USD 60-minute chart

  • ETH/USD via the 60-minute has broken out from a bullish flag structure, subject to further potential upside pressure. 

ETH/USD daily chart

  • Price action via the daily chart view is moving within a bullish pennant pattern formation. 

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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