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Ethereum Technical Analysis: ETH/USD deadly pattern still eyed

Ethereum price late on Wednesday was trading down with minor losses of some 0.50% in the second half.
ETH/USD price action via the daily chart view is moving within a bearish pennant pattern.
Near-term descending channel formation eyed via the 60-minute chart view.

Ken Chigbo Independent Analyst

Spot rate: 133.24

Relative change: -0.55%

High: 134.76

Low: 131.64

Trends:
    Daily SMA20: 137.8
    Daily SMA50: 125.97
    Daily SMA100: 122.89
    Daily SMA200: 166.04
Levels:
    Previous Daily High: 136.51
    Previous Daily Low: 129.2
    Previous Weekly High: 141.86
    Previous Weekly Low: 123.9
    Previous Monthly High: 167.77
    Previous Monthly Low: 101.12
    Daily Fibonacci 38.2%: 133.72
    Daily Fibonacci 61.8%: 131.99
    Daily Pivot Point S1: 130.43
    Daily Pivot Point S2: 126.16
    Daily Pivot Point S3: 123.12
    Daily Pivot Point R1: 137.75
    Daily Pivot Point R2: 140.79
    Daily Pivot Point R3: 145.06

ETH/USD 60-minute chart

Price action moving within a descending channel formation via the 60-minute chart view.
Bulls faced rejection at resistance by the upper acting trend line of the descending channel.

ETH/USD daily chart

ETH/USD remains within the confinements of a bearish pennant pattern formation.

Author

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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