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Ethereum technical analysis: ETH/USD closure below $200 is problematic

  • Ethereum price in the session on Thursday is trading in negative territory by some 2.00%.
  • ETH/USD extended to the downside following breakout from pennant structure. 
  • The price closed below the psychological support at the $200 mark, which has left the door open to further potential downside. 
Ethereum technical analysis: ETH/USD closure below $200 is problematic
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 

Relative change:      -0.55%

High:                        189.38

Low:                         173.67 

ETH/USD daily chart

  • The breach of $200 has left the door open to further downside pressure, next major support down at $150 area. 

ETH/USD 4-hour chart

  • The significance of that $200 floor can be observed via the 4-hour chart view.

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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