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Ethereum technical analysis: ETH/USD bulls dealing with rejection as price retests breached pennant

  • Ethereum price is trading in negative territory, small losses of some 0.60% on Wednesday.
  • ETH/USD bulls attempted to retest a breached technical pennant but dealt a rejection below so far.
  • Strong barriers of resistance can see ahead at $180 and $200 respectively. 
  • The next major area of support to the downside is seen at the $150 price territory. 
Ethereum technical analysis: ETH/USD bulls dealing with rejection as price retests breached pennant
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 178.06

Relative change:      -0.10%

High:                         180.49

Low:                          176.42

ETH/USD daily chart

  • The price has been left exposed following the breakout below the $200 zone and then key support at $180. 

ETH/USD 60-minute chart

  • Price action is moving within a near-term bullish flag structure via the 60-minute. 

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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