Ethereum price analysis: A little push and this breakout will gain some more steam

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  • ETH breaks out on the short term, needs momentum.
  • Long term trend still shaky.

Ethereum, the second largest cryptocurrency by market capitalisation, has broken out of a descending parallel channel on the short term chart, which is a bullish sign, all it needs is positive momentum.

ETH/USD is up one percent on day at $211.56 near high point of the day and in a less than 2 percent range for the day. On the 30-minute chart, the ambitious crypto has broken out of a fallinhg parallel channel of lower highs, lower lows, which is a bullish sign for the battered crypto provided it can carry on the momntum.

Long term, though the trend still remains down, as long as bulls don’t manage to cross past the range of $250-$260. Target for this short term breakout is towards $225, after confirmation of crossing past $214, while support is firmly placed around $209.

ETH/USD 30-minute chart:

 

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