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Ethereum Price Analysis: ETH/USD bulls need to break down $175 resistance

  • Ethereum price is trading in the red by 1.20% in the session on Wednesday. 
  • The price range is seen at a high around $175 down to a low of $160.  
  • Near-term price behaviour shows some vulnerabilities to the downside for ETH.
Ethereum Price Analysis: ETH/USD bulls need to break down $175 resistance
Ken ChigboKen ChigboIndependent Analyst

ETH/USD daily chart

The price has remained firmly within consolidation mode for going on some eight sessions. 

ETH/USD 60-minute chart

Near-term price action is narrowing within a bearish flag structure, subject to potential downside pressure. 

Spot rate:                     167.26     

Relative change:          -1.20%

High:                             171.00

Low:                              165.65

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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