Manoj B Rawal
Independent Analyst
- ETH breaks out again, room for more upside.
- Small resistances around, consolidation may come calling.
Ethereum, the second largest crypto by market capitalisation has again given a break out of another key trendline resistance after it broke out of one, last week that resulted in prices rallying 20 percent within a week.
ETH/USD is up more than 4 percent on day at $166.386 at high point of the day and trading in 5 percent range for the day. On the daily chart, ETH had a key resistance in the form of a descending trendline formed from September highs which the second largest crypto just broke out of even after breaking past another key resistance. (Read here)
Now that both the key resistances have been crossed, all ETH now needs is some consolidation and rallies, as the RSI is overbought and it faces two more key levels in the form of 200 days SMA at $178.87 and EMA at $205.03.
ETH/USD daily chart:
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