Ethereum technical analysis: Great technical breakout on decent volume

Ethereum has broken out of the channel formation on the hourly chart. The move was backed by good volume on the Coinbase exchange.

Now the 180.00 level is the resistance to beat but it has proved to be a difficult level in the past.

Right now price is resting at the value area. This is indicated by the bell curve on the left-hand side of the chart.

The relative strength indicator (RSI) has pushed to the highest level since the beginning of last month.

If we do get a retracement the market might look at the trendline it has just broken out of.