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  • Ethereum price on Wednesday is trading in the red within the second part of the session, down over 3%.  
  • ETH/USD continues to move within a bullish pennant pattern, lower support of pattern is holding.  
  • The lower trend line of the pennant can be seen tracking at $162, a breakout would likely trigger some hard selling.  

Spot rate:                   164.95

Relative change:       -3.15%

High:                          171.02

Low:                            161.97

 

ETH/USD 60-minute chart

  •  ETH/USD is moving within the confinements of a horizontal wedge seen via the 60-minute view, in line with the price remaining in consolidation mode at present.  

ETH/USD daily chart

  • Price action is moving within a bullish pennant pattern formation, subject to a breakout.