Ethereum Price Analysis: If this trendline breaks it could spell trouble
|- Ethereum could break the bull flag pattern on the hourly chart.
- There has also been a very strong trendline that has performed well on this timeframe.
ETH/USD 1-Hour Chart
ETC/USD has been moving in a nice uptrend since 24th January on the hourly chart.
Now it seems the price has consolidated into a bull flag pattern.
An upside breakout will clearly be bullish for the crypto major but we need to see if the buyers regain control.
Elsewhere, on the downside, the trendline had been tested (4 times) with some shadows (wicks) managing to breach the zone.
However, there was no definitive close below the trendline so for me, it remains intact.
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Additional Levels
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