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Ethereum technical analysis: ETH/USD risk of a potential breakout from a bearish technical structure

  • Ethereum price in the second half of Monday is trading in the red, down some 2.30%. 
  • ETH/USD is moving within a bearish technical structure via the daily, pennant subject to a potential breakout south.
  • A break of the noted pattern could invite a fresh wave of selling pressure, with a possible move below $200.
Ethereum technical analysis: ETH/USD risk of a potential breakout from a bearish technical structure
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 211.43

Relative change:      -2.30%

High:                        216.69 

Low:                         209.78

ETH/USD daily chart

  • Price action is moving within a bearish pennant structure as seen via the daily chart view.

ETH/USD 30-minute chart

  •  The price via the 30-minute chart view has broken out south from an ascending trend line of support. 

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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