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Ethereum technical analysis: ETH/USD bullish pennant structure remains intact

  • Ethereum price is trading marginally in the green, small gains of 0.55% in the second half of Wednesday. 
  • ETH/USD continues to move within the confinements of a bullish pennant structure, subject to a potential breakout higher. 
  • Heavy near-term supply can be seen around the $280 area via the daily. 
Ethereum technical analysis: ETH/USD bullish pennant structure remains intact
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 249.35

Relative change:      +1.55%

High:                        251.72

Low:                         243.13

ETH/USD 60-minute chart

  • Near-term price action is moving within an ascending channel structure, as the bulls attempt to pick-up momentum. 

ETH/USD daily chart

  • A bullish penannt structure is observed via the daily chart view, bulls need to capitalize on. 

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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