Market Cap. $56.68B
Circulation Supply: 98.93M ETH
Max Supply: 0 ETH
Ethereum (ETH) is the second most important crypto after the Bitcoin, so all the investors and traders are watching it closely. The rate has managed to increase in the last days as expected and now is almost to make a crucial breakout.
Ethereum is trading at $584 now and seems determined to climb much higher. It has reached the upper median line (UML) of the descending pitchfork. The UML represents a strong dynamic resistance, so only a valid breakout above it will signal a further increase.
The rate has breakout above the 565.44 static resistance as well as the bulls are in full control. I’ve drawn an ascending pitchfork hoping that I’ll catch the next major upside movement. We had a great buying opportunity after the rate has retested the lower median line (lml), near the $400 level. Personally, I still believe that we may have another buying opportunity soon if the rate will make a valid breakout above the UML. The major upside targets are at the median line (ML) and the upper median line (UML) of the ascending pitchfork. It could approach and reach these levels as long as it is trading within the ascending pitchfork’s body.
You can see on the H4 chart that the rate has jumped above the UML and approaches the next dynamic resistance represented by the downside 50% Fibonacci line (ascending dotted line). Technically, we could see a minor drop in the upcoming days after the impressive upside movement. A retest of the broken UML and a valid breakout above the 50% Fibonacci line will really confirm a further increase towards the median line (ml) and towards the upper median line (uml) in the upcoming weeks and months.