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Ethereum technical analysis: ETH/USD set for big bull flag retest

  • Ethereum price has taken a heavy beating on Thursday down a whopping 14% in the latter part of the day. 
  • ETH/USD has breached a key ascending trend line via the daily, making more room for selling pressure.  
  • Next major area of demand can be seen around $290-270 range. 
Ethereum technical analysis: ETH/USD set for big bull flag retest
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 288.14

Relative change:      -14.95%

High:                        310.90

Low:                         282.08

ETH/USD 60-minute chart

  • Price action testing near-term demand zone, $290-270 range, via the 60-minute. 

ETH/USD daily chart

  • Bears smashed through a key ascending trend line of support, inviting a fresh wave of selling. 

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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