Ethereum is on the brink of a major breakout after continuing to close daily candles above the crucial $257 level of support.
It has now closed four of its previous 10 daily candles at $257 to demonstrate bullish strength in this region.
Initial targets to the upside remain at $269 and $290 – both of which have acted as points of resistance over the past few weeks.
With Ethereum trading above all major moving averages, coupled with the recent exponential moving average golden cross, it seems to be aiming towards an extended rally over the coming months.
An eventual breakout from $290 would open the floodgates for a rally towards 2019’s yearly high of $365.
Ethereum has also started to form a bull flag following the 135% rally since the turn of the year, which will likely provide fuel to an upcoming rally to the upside.
A measured move if the bull flag plays out would drive price to around $310, with a level of resistance coming in at around $315 and $335.
However, if Ethereum begins to close daily candles below the $257 level of support it would signal the start of a bearish reversal with downside price targets emerging at $248 and $239.
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About Ethereum
Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
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