Ethereum moves higher as expected, the price reached fresh new highs today and should resume the upside movement in the upcoming period. Price dropped sharply in the morning, but has managed to recover and to delete all losses. Remains to see what will happen in the upcoming hours, but most likely will continue to increase in the upcoming hours even if will decrease a little. Technically, it is expected to climb towards fresh new highs in the upcoming weeks because has managed to breakout from a minor range.

Price continues to move somehow sideways on the daily chart, you can see that the price has developed a big symmetrical triangle and is almost to reach the upside line again. Will be very important to see how will react when will hit the minor downtrend line because a false breakout and a rejection will send the rate down very quickly towards the 50% Fibonacci line (ascending dotted line).

Technically, I’ve said that it should reach and retest the sliding parallel line (sl1) before will make the next move. A valid breakout above the sliding line (sl1) and above the downtrend line will signal a major increase. Personally, I’m expecting the rate to increase further after the failure to reach and retest the second sliding line (sl2) of the ascending pitchfork, this situation has signaled that the bulls are very strong on the short term and that should take the full control again.