Ether Price Analysis: Bull flag takes shape
After ether’s current surge, the pure query is one among continuation potential.
The cryptocurrency hit a multi-month excessive of $275 on Bitstamp on Wednesday and pulled again to $255 throughout right now’s Asian session earlier than transferring again larger to $278 at 13:00 GMT.
At the time of writing, ether is priced at $267. The consolidation seen within the final 24 hours has produced a bull flag on the hourly chart, which is a continuation sample.
An hourly candle shut above the highest finish of the flag at $272 would verify flag breakout and sign a continuation of the rally from current lows close to $220. A breakout would convey the topside goal of $300 on the radar.
On the flip aspect, if costs discover acceptance below $255, the main target would shift to $230.
The odds seem stacked in opposition to the bullish situation, given the day by day RSI is signaling excessive overbought situations.
The bulls might take off their ft from the gasoline pedal, permitting a descent correction, which may then find yourself powering a sustained transfer larger.
From the buying and selling perspective, now could be one of the best time to reduce some lengthy publicity. If ether confirms a flag breakout, lengthy publicity could be boosted however with tight stops because the cryptocurrency is already trying overbought.