ETH/USD break higher confirmed – can it challenge the peak?

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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.

More: BTC/USD trading in a rational uptrend channel

Here is how the recent moves look on the chart.

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About Author

Yohay Elam – Founder, Writer and Editor
I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me.

Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

  • Challenging right now…

    • Well, it challenged the peak and hit a new high of $520.