Ethereum is breaking out the midterm resistance
Ethereum (ETH) coin.
The priceline is being consolidated at $350 . The next supports are at $325, $280 and the next resistance levels are at $400 and then $800. On long term there is no significant resistance between $400 and $800. Therefore incase of breaking out $400 resistance the priceline can move at $800 very soon.
On from 13 Aug the price action of Ethereum is moving in a . At the moment the are trying to breakout the resistance of the channel in the meanwhile the priceline of second largest cryptocurrency is also breaking out the exponential moving averages with the time period of 10 and 21.
After September 2020 the price action has found a very strong resistance on small time period 4 hour chart. The Ethereum’s price action has been rejected several times by this rejection line. Now finally the priceline is breaking out this strong resistance line. After this break out the price action can easily breakout the resistance of the on .
On 4-hour chart the priceline is breaking out the midterm resistance line. If this resistance will be broken out then we can expect the breakout from the on the as well. However as stop loss we can use the support of the channel to minimize the risk factor.