Lorenzo Stroe
Independent Analyst
- 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
-637320661914250399.png)
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.
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