Ethereum rallied and has managed to reach fresh new highs, but we still need a confirmation that will climb much higher in the upcoming weeks. The breakout above a very important resistance level still needs confirmation. Price is strongly bullish right now and seems poised to escape from the extended sideways movement.
Ethereum resumed the yesterday’s minor bullish candle and jumped above the 327 previous high, but personally, I would like if the rate will come down again to test and retest some important broken resistance levels before will resume the upside movement.
You can see on the Daily chart that price has managed to breakout above the 50% Fibonacci and above the minor downtrend line. A retest of the broken 50% Fibonacci line will bring us a great buying opportunity on the short term. The next upside target will be at the 348 previous highs, but it could also be attracted by the inside sliding line (sl1) of the major ascending pitchfork.
Only another false breakout above the 50% Fibonacci line will invalidate a further increase at this moment. This scenario will signal a drop at least till sliding line (sl2) of the major ascending pitchfork, but this is less likely to happen after the failure to drop towards this line in the last weeks.