Ethereum technical analysis: ETH/USD narrowing subject to an explosive breakout

  • Ethereum price on Friday is trading in minor positive territory, holding gains of some 1%. 
  • ETH/USD price action has been stuck within a narrowing range since the middle of May. 
  • A bullish daily technical formation remains intact, flag pattern, which is subject to a breakout. 

 

Spot rate:                 257.80

Relative change:      +1.00%

High:                        258.63

Low:                         251.98

 

ETH/USD 60-minute chart

  • Price action via the 60-minute chart view has broken out from a rising channel formation. It has since retested, which makes room for further downside pressure. 

 

ETH/USD daily chart

  • ETH/USD continues to move within a bullish flag formation, eyes remain on a breakout. The major barrier to the upside is $280.

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