Ethereum Price Analysis: ETH/USD continues to narrow within a bullish pennant

Ethereum price is trading in the red by 1.70% in the session on Tuesday.
ETH/USD since 13 February has been narrowing, forming a pennant via the daily chart view.
An important area of support should be noted via the $250-40 price range, propping up ETH.

Ken Chigbo Independent Analyst

ETH/USD daily chart

A breakout is eyed, the bulls do have an opportunity to breakout higher should they capitalize on the noted structure.

ETH/USD 60-minute chart

The lower tracking trend line can clearly be observed as acting support for the price, as part of the noted pennant.

Spot rate: 259.20

Relative change: -2.50%

High: 266.19

Low: 255.58

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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ETH/USD daily chart

ETH/USD 60-minute chart

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