FX.co ★ Ethereum: flag pattern in play

ETH/USD is trading in the green at 1,661 on the H4 at the time of writing. The bias remains bullish in the short term, so further growth is in cards. Temporary retreats or consolidations should attract more buyers.

In the last 24 hours, Ethereum is up by 0.44% and by 3.89% in the last 7 days. It has increased by 4.48% from yesterday's low of 1,605 to 1,677 today's high.

ETH/USD 1,676 As Resistance!

As you can see on the H4 chart, the price found resistance right above 1,676 and now it has come back to test and retest the 1,591 - 1,611 support zone. As long as it stays above it, the altcoin could jump higher.

The price action developed a flag pattern (down channel) which represents a potential upside formation.

ETH/USD Outlook!

A valid breakout through the flag's resistance and above 1,676, a new higher high validates a potential upside continuation and is seen as a long opportunity.