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Ethereum technical analysis: ETH/USD price behavior and formation suggests of another potential fall

  • Ethereum price is trading in negative territory, nursing losses of some 2.60% on Friday.
  • ETH/USD is retesting a breached daily pennant structure, failing to push above at the time of writing. 
  • The pychological $200 mark is now proving to see sellers preventing the price push back above. 
Ethereum technical analysis: ETH/USD price behavior and formation suggests of another potential fall
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 196.78

Relative change:      -1.63%

High:                         188.14

Low:                          184.02

ETH/USD daily chart

  • The price is narrowing within a penannt, following the breakout of a bearish flag earlier in the month. 

ETH/USD 60-minute chart

  • Price action via the 60-minute chart view is moving within a triangular structure. 

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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