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  • Ethereum is trading higher today by 1.37% while other major cryptos underperform.
  • There is a pattern breakout on the hourly chart and let’s see if the market can back the move higher.

 

ETH/USD is trading pretty well today and is outperforming Bitcoin which is only 0.40% higher.

The price on the hourly chart has just broken out of a bull flag formation but we need to see if the market backs the move with some volume.

Currently, the price is retesting the trendline but the next support level is quite far down closer to 175.00.

The volume profile indicator is showing that the price is currently above the main value area which is at 174.77.

It doesn’t seem to be a false break as normally they happen on smaller volume but only time will tell.

Ethereum analysis