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Ethereum technical analysis: ETH/USD critical support gives way

  • Ethereum price is trading in the red, down 6.70% the session on Wednesday.
  • ETH/USD has smashed out from the narrowing trading conditions seen over the past few sessions, inviting a wave of selling. 
  • The market bears forced their way out from a bearish pennant structure via the daily. 
Ethereum technical analysis: ETH/USD critical support gives way
Ken ChigboKen ChigboIndependent Analyst

ETH/USD daily chart

The price has broken out from a bearish pennant formation via the daily chart view. 

ETH/USD 60-minute chart

A breakout from a narrowing range-block has been observed, inviting a fresh wave of selling. 

Spot rate:                  159.56

Relative change:      -6.90%

High:                         171.68

Low:                          155.54

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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