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Ethereum technical analysis: ETH/USD double bottom in focus

Ethereum technical analysis: ETH/USD double bottom in focus
Ken ChigboKen ChigboIndependent Analyst
  • Ethereum price is trading in the red, down 0.60% the session on Monday.
  • ETH/USD has managed to receive support within a big demand area at $160 territory. 
  • Price action has formed a double bottom, with the bulls needing to challenge and breakdown the neckline. 

ETH/USD daily chart

The next major barrier is eyed at $195, tracking as the potential neckline of the noted double bottom. 

ETH/USD 60-minute chart

 Price action is narrowing within a potential triangular structure, subject to a near-term breakout. 

Spot rate:                  183.33

Relative change:      -0.60%

High:                         190.19

Low:                          181.08

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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