ETH/USD bulls have opportunity to resume big recovery


  • Ethereum price is trading in minor positive territory in the latter part of Wednesday, up some 0.40%.
  • ETH/USD bulls are attempting to make a strong extension to the upside, after escaping the wedge pattern.

 

The Ethereum price in the latter part of Wednesday’s session was trading with minor gains of some 0.50%. Throughout much of the session, it has been somewhat range-bound, some minor consolidation following the chunky gains in the prior session.

ETH/USD was moving within a descending wedge pattern, this had been the case from 25th February up to the breakout on 5th March. The breach from the confinements of this detailed structure, has left the door open to some further buying pressure.

Should the market bulls further capitalize on this escape, then eyes will be a reversal of the 24th February drop, returning to the pre-fall levels, $160 territory. A decent supply area can be observed from $155 up to $165, this is something that must be broken down for greater upside.



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