Ethereum Price Analysis: ETH/USD narrowing ahead of potential explosive moves

Ethereum price in the latter part of Thursday is nursing losses of some 1.5%.
ETH/USD price action is narrowing within a triangular pattern structure, subject to a potential breakout.

Ken Chigbo Independent Analyst

Ethereum price in the latter part of trading on Thursday is trading down some 1.5%, as a further cooling is seen across the market. ETH/USD price action has been narrowing greatly within a triangular pattern structure.

ETH/USD is moving within a very narrow nature, this has been observed since 25th February. Market participants appear to be sitting on the side lines, hesitant to commit after the heavy selling pressure that hit the market on 24th February.

Immediate support is currently in action at a lower trend line as part of the noted triangle pattern. This tracking at $133.50, a failure of this holding could see a fast fall and retest of $100. Resistance to the upside noted at $140-141, the upper acting trend line.

ETH/USD daily chart

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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