Ethereum Price Analysis: ETH/USD bulls take a deep breath within a period of consolidation

  • Ethereum price in the latter stages of trading on Tuesday is maintaining decent gains of around 5%.
  • ETH/USD rallied to the highest level seen since 8th November 2018, when the price was set for a hard tumble.

 

Ethereum price is maintaining respectable gains in the late part of the day on Tuesday. The bulls did, however, take some pressure off, after printing highs up at $213, which has not been seen since 8th November 2018.

A large surge of upside momentum was observed across the cryptocurrency market, after a rollercoaster of a month in April. The market is without a doubt on a strong consistent path to recovery.

ETH/USD price action as mentioned has cooled away from the highs of the session, however, a bullish structure has been produced. It can be seen moving within a bull flag formation via the 60-minute chart view, subject to a potential breakout higher. Near-term resistance is eyed at $206-207, with support at $198, both respective trend lines of the flag pattern.

ETH/USD 60-minute chart

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