Technician’s Take: ETH Finally Breaks Out With More Upside Ahead
- Ethereum’s price confirms its recent breakout
- The preferred view remains for an upside extension up and through the big break-out level of US$3,286.
The downtrend line breakout four sessions back is now confirmed with yesterday’s test lower. There is weak resistance at current levels as price taps into the 2 March spike high (mid-chart) but this level has little authority and should be breached with ease.
Notice also that RSI in the sub-window has hit what looks like an overbought level. However, in the context this is an indication of underlying strength. There will be a good “RSI Teach In” note next week so be sure to read that. Still targeting the big break-out level higher at US$3,286. Expect some shenanigans there, but the preferred view remains for an upside extension up and through it.