We talked about how the price of Etherium was confined to a narrowing triangle and then how the break to higher ground was yet to be confirmed amid a double-top. Now, the break above uptrend resistance is confirmed, with the price of the crypto-coin leaving the old line behind.
However, $410 is still a line of struggle. At the time of writing, ETH/USD is trading just under this level, which was the high point in early September.
The most recent swing high of $432 works as some kind of resistance, but not really that strong. The swing high from July is $446 which is also a record high. Support awaits at $367, the stubborn resistance line from October.
With liquidity and volume rising around cryptocurrencies, we may expect a period of consolidation before the next surge higher. However, the original wild nature is still an undercurrent that brews below the price and may send Etherium to another surge, with the round level of $500 awaiting up there.
Here is how the recent moves look on the chart.Get the 5 most predictable currency pairs