Ethereum Technical Analysis: ETH/USD daily bull flag awaiting a breakout above $330
- ETH/USD formed a clear daily bull flag and remains strong.
- EMAs are slowly catching up to the current price of $318 and will serve as support levels.
Ethereum has been under a super healthy consolidation for the past three days, in fact, it’s hard to even call it a consolidation since it barely dropped. The daily bull flag is still strong and will most likely push Ethereum above $330 by the end of this week.
ETH/USD daily chart
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Besides the bull flag, the 12-EMA is now at $293 and slowly climbing to reach the current price. Before the EMA, Ethereum has strong support at $300 but not many other support levels on the way down to $250.
ETH/USD 4-hour chart
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Zooming in, the 4-hour chart is still in a messy equilibrium pattern with a lower high established at $325.61 and a higher low at $314.46. The break of any of these two levels should give Ethereum a lot of continuation in that direction.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
