Ethereum price analysis: ETH/USD takes another 2% move higher, bulls eyeing $600 being reclaimed
- Ethereum is continuing to grind higher with gradual gains, next target is $600 territory.
- Like many of the altcoins recent price action, bull flags are seen, indicating further jumps could be coming.
The Ethereum price is up 2% during trading on Thursday, further grinding higher, as momentum remains within the bulls control. There has been some life kicked back into the crypto market, with green seen across the board over the last few weeks of trading.
ETH/USD could likely be back within the $600 territory, should a technical pattern play out to the textbook. Several major altcoins with their recent price action, like Ethereum, have formed bullish flag patterns.
Current price behavior indicated there could be another jump higher, resistance for now tracks at $545, the upper trend line of the above-mentioned chart pattern. Should the breakout occur, $600 will be brought back into the picture, with not much resistance to the $700 mark, given historically the way bulls move. Support looks firm at $500, if the bulls lose some territory ground.
ETH/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
