Ethereum price analysis: A try at breaking out, but bulls lack strength; Amazon partnering with Ethereum design studio Consensys

ETH bulls lack momentum to break out of inverse H&S pattern.
Amazon Web Services partnering with Ethereum's ConsenSys.

Manoj B Rawal Independent Analyst

Opportunity has been knocking at Ethereum bulls' doorstep throughout the day on Tuesday but it seems their ears can't hear the knocks and in the process price is unable to cross past the neckline of inverse head & shoulders pattern formed in the short term charts of ETH.

ETH/USD is down nearly 2 percent at $713, a lot lower from day's high of $738.65, a level which the bulls should have tried hitting a bit more as that could have resulted in price crossing past neckline of an inverse head and shoulders pattern formed in 60-minute charts.

From the news perspective too, the clout and reach of Ethereum is crossing bigger boundaries as Amazon Web Servcies is partnering with Ethereum's design studio Consensys to make enterprise blockchains easier and faster to deploy, as reported by Coindesk.

ETH/USD 60-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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