Ethereum Technical Analysis: ETH/USD bullish pennant breakout eyed

Ethereum price on Monday is trading up with very minor gains of just over 0.80% in the second part of the session.
ETH/USD price action via the daily chart view is moving within a bullish pennant pattern formation.
The bulls still have their sights on a retest of the big $200 price territory.

Ken Chigbo Independent Analyst

Spot rate: 171.57

Relative change: +0.80%

High: 172.85

Low: 168.56

ETH/USD 60-minute chart

The bulls managed to break above a descending trend line formation, inviting some near-term upside pressure, via the 60-minute view.

ETH/USD daily chart

Price action is moving within a bullish pennant pattern structure, subject to a breakout.

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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