ETH/USD daily bull flag awaiting a breakout above $330

July 31, 2020 John Ethereum 0

  • ETH/USD formed a clear daily bull flag and remains strong.
  • EMAs are slowly catching up to the current price of $318 and will serve as support levels.

Ethereum has been under a super healthy consolidation for the past three days, in fact, it’s hard to even call it a consolidation since it barely dropped. The daily bull flag is still strong and will most likely push Ethereum above $330 by the end of this week. 

ETH/USD daily chart

Besides the bull flag, the 12-EMA is now at $293 and slowly climbing to reach the current price. Before the EMA, Ethereum has strong support at $300 but not many other support levels on the way down to $250. 

ETH/USD 4-hour chart

ethusd

Zooming in, the 4-hour chart is still in a messy equilibrium pattern with a lower high established at $325.61 and a higher low at $314.46. The break of any of these two levels should give Ethereum a lot of continuation in that direction.