Ethereum rallied aggressively and has managed to reach fresh new highs today. It is strongly bullish and seems determined to reach new highs in the upcoming period. Price resumed the last two day’s bullish momentum.

The cryptocurrency registered an amazing rally, has opened the day at 469 and has climbed as much as 621, this represents the historical high, but maybe not for too long. Technically, it should climb much higher even if we’ll have a minor retreat again, which will be natural after the impressive momentum.  The rate passed above another potential upside target, only a false breakout above this obstacle could signal a minor drop on the short term.

Fundamentally it should resume the upside movement as it is very attractive, everyone says that it could be the next Bitcoin.

You can see on the Daily chart that it has jumped much above the 497 former high and above the upper median line (UML) of the ascending pitchfork. Price has found temporary resistance and slipped lower in the previous hours. It remains to see where will close the day, because a false breakout above the UML followed by a ML retest could signal a drop towards the inside sliding parallel line (ascending dotted line). However, a valid breakout will signal a further increase, the next upside potential target will be at the 150% Fibonacci line, this scenario will take shape only if the rate will close above the 621 today’s high.

I’ve said in the last weeks that is not a good idea to sell the Ethereum or the Bitcoin because try could jump much higher anytime. You should only look for buying opportunities. Personally, I would like that the rate will drop on the short term to retest the sliding line (SL) because we’ll have a great buying opportunity.