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  • ETH/USD broken out of a long term resistance.
  • Short term resistance works as a barrier.

Ethereum, the second largest cryptocurrency by market capitalisation broke out on the long term charts, which on the face of it should have resulted in further gains in the prices, but short term push is lacking for the bulls to take charge.

ETH/USD down about 0.3 percent at $468.60 trading in a narrow band of less than 2 percent on a low trading low volatility weekend trading day. On the daily chart, ETH broke out of a desecnding trendline resistance earlier this week on Monday, but price action hasn’t culminated into bigger gains.

On the hourly chart, prices are facing resistance exactly where the price is. Unless bulls manage to cross past this resistance and sustain the breakout, this long term breakout too may fizzle out.

ETH/USD daily chart:

ETH/USD hourly chart: