- Ethereum price on Thursday is nursing minor losses of some 2.5% in the second half of the day.
- ETH/USD price action has formed a bullish pennant pattern, subject to an extended breakout.
Ethereum price is seen trading down on Thursday by around 2.5%, as the price marginally cools following the decent run higher that has been observed from 8th February. Despite the current minor session losses, ETH/USD continues to demonstrate bullish qualities.
ETH/USD price action as seen via the 4-hour chart view has formed a bullish pennant pattern formation, this is subject to a potential extended break to the upside. The price has now managed to gain almost 50% since this latest bull ran begun in February.
In terms of the technical review, near-term resistance should be noted at the upper trend line of the pennant. This can be seen tracking at $149.20, a break and close above could open the door to a return to the 2019 high area. The target range observed around the $160 price region.
ETH/USD 4-hour chart
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