Ethereum rallied today and ignored two very strong resistance levels. Price is strongly bullish on the short term and seems determined to reach historic highs in the upcoming hours. The rate is almost to reach another upside obstacle, remains to see how will react because a breakout seems imminent.

Technically, the perspective is bullish and it is expected to resume the upside movement, but a minor decrease could appear after the amazing rally. Now is the perfect time for a minor correction, but remains to see if the bears will be strong enough to push it down a little. Price jumped above the 400 psychological level and above the 394 previous high.

Ethereum has finally managed to breakout from the major symmetrical triangle signaling that the bulls are in full control and will lead the price towards fresh new highs. As you can see, we have an aggressive breakout on the daily chart, signaling that a breakout above the 415 historical high is expected. Is traded much above the minor downtrend line (symmetrical triangle resistance) and above the inside sliding line (sl1) of the ascending pitchfork.

A minor drop could come only if will close today much below the median line (ML) of the major ascending pitchfork, or if we’ll have a false breakout above the major resistance. It could come to retest the broken sliding line (sl1) of the ascending pitchfork. A valid breakout above the ML will signal an increase towards the 500 psychological level.