ETH/USD: Long Term Breakout Analysis 1W (Aug. 17)

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X Force Global Analysis:

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Ethereum has been leading this bullish cryptocurrency rally of 2020. In this analysis, we assess Ethereum’s weekly chart in order to determine potentiality of its long term growth.

Analysis

– To begin with, there has been a strong zone of resistance between $365 and $400, marked by the orange bar
– We have seen prices test, and get rejected by this territory numerous times throughout history.
– The last time we saw a break and close above this resistance zone was in November 2017, which led to a massive bullish rally
– As demonstrated above, this is the first time in almost 3 years since we have broken out of the strong resistance zone
– It’s also important to note that we have broken through significant descending trend line resistances, marked by the dotted white lines

What We Believe

As we have seen the weekly candle break and close above significant resistance zones, we believe that a corrective or bearish trend leading prices back down sub $350 is highly improbable. The weekly chart demonstrates clear upside for a long term bullish trend .

Let us know what you think in the comment section below

Trade Safe.