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Ethereum: Breakout but not; final test is here

ETH breaks out but still finds resistance around.
More than 30 pct price rally on cards if this resistance crossed.

Manoj B Rawal Independent Analyst

Ethereum, the second largest crypto that has been playing a cat and mouse game with XRP for a second largest coin tag for quite some time now, has given a breakout on the daily chart but bulls have failed to capitalise enough on those gains and now they need to find some more ammunition to rally a bit more.

ETH/USD is down 0.75 percent on day at $148.02, not far from day's high although trading in less than 2 percent range so far, for the day. On the daily chart, this ambitious second largest coin, managed to breakout of a key descending trendline resistance, drawn from last November highs. But then after rallying some, it found another strong resistance where the price is currently.

This descending trendline on the daily chart is crucial test for the bulls to cross past, or else this rally will fizzle out. Gains beyond this would result into prices rallying more than 30 percent from here into double century.

ETH/USD daily chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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