ETH/USD bearish flag subject to a breakout to the downside

Fibo Quantum

  • Ethereum price is trading in negative territory, with losses of some 1.30% on Friday.
  • ETH/USD price action via the daily chart view is moving within another bearish pattern, a flag formation. 
  • The price is stuck within a bearish trend, continuing to consolidate ahead of further selling pressure. Period of consolidation appears to be regularly sold by the bears at any given opportunity. 

 

Spot rate:                 179.38

Relative change:      +0.50%

High:                         181.81

Low:                          178.50

ETH/USD daily chart

  • The price is moving within a near-term bearish flag structure, critical lower support tracking at $175.

ETH/USD 60-minute chart

  • Price action via 60-minute chart view is moving within a narrowing range-block formation. ##