ETH/USD bearish pennant structure subject to price breakout

Fibo Quantum

  • Ethereum is trading in positive territory, holding gains of some 1.60% in the second half of Wednesday.
  • ETH/USD is subject to downside given the bearish pennant structure formation. 
  • There is heavy supply seen at $240, which is capping upside for the bull recovery. 

 

Spot rate:                  216.10

Relative change:      +1.60%

High:                         216.39

Low:                          200.90

ETH/USD 60-minute chart

  • Price action via the 60-minute is breaking out from a descending channel formation. 

 

ETH/USD daily chart

  • The price is moving within a bearish pennant structure via the daily view.