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- Ethereum breakout eyes key resistance target- outlook constructive above 320
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ETH/USD Daily Chart
Technical Outlook:Ethereum prices rallied to two-month highs today after breaking above the monthly opening-range highs last week. The trade remains constructive while above 314/20 with more the next level of interest eyed at the record high-day close at 385.
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ETH/USD 240min Chart
Notes:Earlier this month we noted that Ethereum prices had, “continued to trade within the confines of an ascending pitchfork formation extending off the July lows with our focus weighted to the topside while in this formation.”
This slope has continued to guide price action with today’s breach above the 78.6% retracement at 347 keeping the long-bias in play. Interim resistance targets are eyed at 374 backed by 385- Note that this level also converges on parallel resistance into the close of the month.
Interim support now back at the median-line with bullish invalidation now raised to 320. From a trading standpoint, if you’re not already long, look for pullback to offer more favorable entries targeting the upper parallel.
Relevant Data Releases
Other Setups in Play:
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- Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex or contact him at firstname.lastname@example.org.