ETH/USD subject to a potential explosive breakout given daily narrowing

Fibo Quantum

  • Ethereum on Tuesday is trading marginally in the green, small gains of some 0.90%
  • ETH/USD like many of the other major cryptocurrencies is trading within a narrowing pennant structure. 
  • Heavy defending can be seen at the psychological $200 price mark. 

Spot rate:                  212.09

Relative change:      +0.66%

High:                         214.54

Low:                          204.09

ETH/USD 60-minute chart

  • Decent near-term demand zone is observed from $205-200 price range. 

ETH/USD daily chart

  • A daily pennant structure continues to contain the price within a bearish pennant.