Ethereum Price Analysis: ETH/USD bulls will need a big push to prevent the double top formation

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  • Ethereum price is trading in the green by 0.10% in the session on Wednesday. 
  • ETH/USD has been rallying for four straight days, as the bulls maintain control. 
  • Momentum has remained solid following a bullish flag breakout. 

ETH/USD daily chart

The price is heading for a potential double top via the daily view, the bulls must force a daily breakout and closure above last week’s high area to cancel out the potential bearish setup. 

ETH/USD 60-minute chart

Near-term price action has smashed out of a bullish flag structure via the 60-minute, inviting a further wave of buying pressure. There runs the possibility of a retest down at $170. 

Spot rate:                    174.50 

Relative change:          +0.10%

High:                             178.47

Low:                              174.48

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