Ethereum Price Analysis: ETH/USD bulls storming higher following retest of bull flag

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  • Ethereum was an outperformer on Friday, holding chunky gains of around 4%.
  • ETH/USD bulls looking to further storm higher, after a retest of a breached daily bull flag formation.

 

Ethereum’s price in the latter part of Friday was seen trading in positive territory by 4%, a clear outperformer in the session today. Decent near-term buying came into play around $135, a known demand area.

ETH/USD bulls looking to kick-start upside momentum, after breaking out from a bullish flag formation on 5th March. The price has since been within consolidation mode, having retested the breached flag, eyes are on further moves north.

Near-term resistance isn’t seen until the $170 price territory, ETH/USD latest traded up at these heights on 24th February. The price back on the noted date was attacked by strong sellers, as it tested the 2019 high area, this will be the next likely area of interest for the bulls. In terms of support, decent near-term buying is seen from $140 down to the $130 price mark.

ETH/USD daily chart

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