Ethereum Technical Analysis: ETH/USD on the verge of a breakout above a strong trendline
- ETH/USD is currently inches away from a strong daily trendline formed on June 1.
- Ethereum has regained its daily uptrend and maintains its bullish momentum.
Ethereum price is currently at around $244.6 after a notable pump on July 21. The strongest resistance area is still located above $250, however, long-term metrics are better now for Ethereum.
ETH/USD daily chart
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The most important pattern is the long-term trendline that is keeping Ethereum from a clear breakout above $250. The trendline is approximately located at $246.7. Ethereum would have to see a clear breakout above the trendline and most importantly, climb above $250 and close the day beyond it.
ETH/USD 4-hour chart
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The 4-hour chart clearly indicates that Ethereum is ready for another leg up above $247.08 which would put the digital asset ahead of the daily trendline.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
