Ethereum Technical Analysis: ETH/USD it is vital that the bulls break back above $160-170 or be punished

• Ethereum price on Thursday is underperforming, trading down some 0.25%.
• ETH/USD bulls are struggling to breakdown again big supply running from $160-170 range.

ETH/USD 15-minute chart

• Price action moving within a bearish flag pattern formation via the 15-minute view.  

Spot rate:                  160.22

Relative change:       -0.25%

High:                         164.83

Low:                          158.14

ETH/USD 60-minute chart

• Looking via the 60-minute the pattern structure appears to be bearish, a potential bearish pennant.  

ETH/USD daily chart

• Bulls are struggling  to break down the $160-170 area convincingly, which is the key for $200 return.