ETH/USD bearish pennant breached, opens door to further selling

Fibo Quantum

  • Ethereum price is trading in negative territory, nursing losses of some 2.60% on Thursday.
  • ETH/USD smashed out from breached daily pennant structure, making way for further downside. 
  • The price is heading down to the a big area of potential support at $150.

 

Spot rate:                 168.50

Relative change:      -2.60%

High:                         173.49

Low:                          166.36

ETH/USD daily chart

  • The price is narrowing within a pennant, following the breakout of a bearish flag earlier in the month. 

ETH/USD 60-minute chart

  • Price action via the 60-minute chart view is moving within consolidation mode, attempting to stabilise. The price however is still vulnerable to further downside pressure.