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Ethereum technical analysis: ETH/USD bulls are breaking out from bearish technical structure

  • Ethereum price holding decent gains of 4% on Monday.
  • ETH/USD bulls extend further out from a bearish pennant structure, which has contained price.
  • The door has been left open for further upside, given the escape from the noted technical structure. 
Ethereum technical analysis: ETH/USD bulls are breaking out from bearish technical structure
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 231.66

Relative change:      +4.05%

High:                         236.94

Low:                          222.71

ETH/USD 60-minute chart

  • Near-term price action via the 60-minute chart view has seen a bearish shooting star candlestick, indicating a small pullback could be seen. 

ETH/USD daily chart

  • The bulls are extending north following the escape from a bearish pennant set up.  

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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