Ethereum Technical Analysis: ETH/USD sucked back within a bearish flag

Ethereum price is trading in the red by 2.30% in the session on Wednesday.
ETH/USD bears are running at two consecutive sessions in the red, as the bulls give up momentum.
Next major area of support eyed at $130 given the breach of $140.

Ken Chigbo Independent Analyst

ETH/USD daily chart

The price is back to moving within a bearish flag structure, at risk of being broken to the downside.

ETH/USD 60-minute chart

Hourly support at $139 has been breached, further moves to the south remain possible.

Spot rate: 138.91

Relative change: -2.30%

High: 147.96

Low: 137.70

Author

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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