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.

Crypto Today: Bitcoin, Ethereum, XRP trade under sustained selling pressure despite mild ETF inflows

Cryptocurrency prices remain under pressure as a risk-off mood persists on Friday, with Bitcoin consolidating its losses above $62,000. Altcoins, including Ethereum and Ripple, are extending their weakness, trading near lower support levels around $1,600 and $1.12, respectively.

Bitcoin Weekly Forecast: After the bloodbath, everyone looks at $60,000

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit. A reactionary spike in on-chain activity and social chatter, reflecting a strength of community, but fails to absorb the price decline.

Arthur Hayes' “Holy Trinity” is dead: Exits Zcash after Orchard Pool exploit

Arthur Hayes dumped his entire Zcash holdings on Friday, a day after selling his HYPE and NEAR holdings. Zcash is down 13% so far on Friday, extending the 26% drop from the previous day.

Bitcoin: After the bloodbath, everyone looks at $60,000

Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.

Legal Text

Editor's Picks