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Ethereum technical analysis: ETH/USD narrowing triangular structure to breach

  • Ethereum price is trading in the red, down 1.70% the session on Monday.
  • ETH/USD trading conditions are extremely narrow, which has been the case since late September. 
  • Heavy resistance is observed ahead of the big $200 mark, which bulls are struggling to regain. 
Ethereum technical analysis: ETH/USD narrowing triangular structure to breach
Ken ChigboKen ChigboIndependent Analyst

ETH/USD weekly chart

Despite the narrowing conditions, the price over the last four weeks has finished in the green. 

ETH/USD daily chart

Price action is moving within a narrowing triangular structure, subject to a breakout. 

. 

Spot rate:                  184.13

Relative change:      -1.70%

High:                         190.28

Low:                          184.77

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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