Ethereum technical analysis: ETH/USD bulls have an opportunity to capitalize sitting on top of breached descending channel


  • Ethereum price is trading in positive territory, gains of some 0.50% on Thursday.
  • ETH/USD price action via the daily broke out of a descending channel formation, consolidating just above this structure at the time of writing. 
  • There is a huge barrier of supply which runs from $180 up to the pychological $200 mark. 

 

Spot rate:                 179.38

Relative change:      +0.50%

High:                         179.81

Low:                          176.68

 

ETH/USD daily chart

  • The price is consolidating just above a descending channel formation, following a breach to the upside. 

ETH/USD 60-minute chart

  • Price action via 60-minute chart view is moving within a bullish flag structure, subject to a potential breakout. 

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