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Ethereum Technical Analysis: ETH/USD bulls breakout from bullish flag pattern

  • Ethereum price on Tuesday into the second part of the session, holding gains of some 0.6%,
  • ETH/USD price behavior suggests another extended move to the upside is potentially around corner. 
ETH/USD 15-minute chart
 

Spot rate:                  96.13

Relative change:      +0.61%

High:                         96.70

Low:                          92.94

Trend:                        Bullish

Resistance 1:             97.50-98.00, near-term supply area.

Resistance 2:            101.21, daily pivot point resistance.

Resistance 3:            106.95, daily pivot point resistance.

Support 1:                  87.41, daily pivot point resistance.

Support 2:                  79.36, daily pivot point support.

Support 3:                  73.61, daily pivot point support.

ETH/USD 60-minute chart

  • Bullish momentum is eyed, with price set to retest the near-term barrier of supply, $97.50-98.00.

ETH/USD 4-hour chart

  • A breakout of the supply area market on the chart, should see a renewed wave of buying pressure. Sending the price back well into the $100 area.  

Author

Ken Chigbo

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.

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