• Ethereum price is currently around $437 after a notable breakout on August 30.
  • Bulls are enjoying a free ride to the upside with very little resistance.

Ethereum suffered an extended consolidation period dropping even below $370 at one point. Eventually, bulls managed to hold a double bottom and bounce back up with a notable breakout above $400 and good continuation.

ETH/USD 1-hour chart

ETHUSD

Bulls have been riding the 12-EMA since August 28 when the hourly chart flipped in favor of the buyers. There have been a few spikes down to the 26-EMA but they were defended. Currently, Ethereum price is way above both EMAs and will encounter very little resistance until the 2020-high at $447 and $450.

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