Ethereum Technical Analysis: ETH/USD on the verge of crossing $400 again
- ETH/USD is currently trading at $394.37 after a brief consolidation period.
- Ethereum dropped to a low of $327 after wild market price action due to a whale placing large Bitcoin orders on Binance.
Ethereum has recovered extremely well from the flash crash on August 2 which took the digital asset from its peak of $415 to $327 in minutes. Ethereum bulls are eying up $400 again as they are facing almost no resistance levels until $500.
ETH/USD 1-hour chart
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The 1-hour chart has clearly formed an uptrend after the dip and ETH is slowly climbing up establishing good support levels behind.
ETH/USD daily chart
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The recent flash crash hasn’t changed anything and Ethereum is still playing with that daily bull flag. Again, buyers haven’t established many support levels on the way up and a healthy consolidation period would be ideal. The next crucial resistance level is located at $515, formed back in July 2018.
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.
