Ken Chigbo
Independent Analyst
- Ethereum price on Thursday is trading up with minor gains of some 0.30%, late in the session.
- ETH/USD bulls have further extended north after the breakout from a descending wedge formation.
The Ethereum price late on Thursday was trading up with gains of 0.30% in the latter part of the session. It has been somewhat of a muted day for price action, this pretty much observed across the cryptocurrency market today.
ETH/USD bulls have managed to further extend to the upside from a breached descending wedge pattern formation. The price had been moving within this structure from 25th February to 5th March 2019.
Technically, given the recent breach of the wedge, the bulls have an opportunity to quickly recover the steep fall on 24th February. The next area of interest would be for a return to the upper supply area, pre-fall levels at $170 territory, 2019 highs. A firm breach above here could open the door for a return up into $200 territory.
ETH/USD daily chart
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