ETH's "spectacular" breakout signals the price will move to $ 300

Ethereum has been caught in an extremely intense and relentless uptrend for the past few days, with ETH rising to $ 225 before finding a strong resistance to halt the rally.

It is important to note that this strong uptrend may be far from over, as cryptocurrencies have recently broken many key resistance levels that once stopped price action.


7-day ETH chart | Source: Coinmarketcap

These breakouts are very likely to catalyze further bullish moves. Analysts also believe that ETH will skyrocket against both Bitcoin and USD.

Ethereum was rejected at $ 225, but the uptrend is not over yet

At the time of writing, Ethereum is trading up about 1% with the current price of $ 227, which is also the daily low due to last night's sell-off.

Current ETH price | Source: Coinmarketcap

This sell-off, though transient, occurred in tandem with the recession of Bitcoin and the cryptocurrency market in general, but buyers reacted quickly to this strong selling pressure, showing some potential strength. hide.

In the short term, it is very likely that ETH will continue to witness further price increases against the USD.

The popular Cryptomist analyst on Twitter explained in a recent tweet that ETH has a strong resistance at $ 222, but if a break above this level seems to indicate that the uptrend is not yet over.

As such, it means that ETH will rise to $ 282 before slowing down.

“ETH recently reached the resistance of $ 222.

The problem is us will see pullback before reaching $ 282, which is the next target.

Pay over $ 222 weekly possible pushes the price to that immediately. "

ETH will also increase significantly against BTC after breaking the critical level

In addition to breaking out the important USD resistance level, Ethereum has also been able to overcome some of Bitcoin's major resistance levels, suggesting that ETH will significantly outperform the standard cryptocurrency in the near term.

The highly respected analyst Luke Martin on Twitter explained that ETH will rise from its current price of 0.022 BTC to the next BTC resistance at 0.0267 in the near future.

“Breakout ETH real pretty.

  • Want long at least at the target 0.0267

  • Wrong if price Daily begins to close under 0.0218 ”

While considering the fact that Ethereum was able to breakout important resistance levels for both USD and BTC, it seems that ETH will soon expand its momentum significantly.

Ethereum technical analysis

1-day chart


ETH / USD | Source: Trading View

Ethereum's one-day chart identified two previous patterns that form a bullish breakout on both occasions. The first declining wedge is observed from July to September and creates a small breakout at the end of the month. The nearest descending channel was positively broke on January 14, when the market witnessed a significant spike.

Since hitting $ 116 in mid-December, ETH has been trying to beat key resistance levels for the past 45 days, improving the bearish sentiment in the market. At this time, the latest price increase on February 5 allowed Ethereum to surpass major resistance at $ 193 for the first time since October last year. The token also moved above the psychological resistance at $ 200 and moved to the current price of $ 228.

Such a scenario also increases the likelihood of a correction.

The positive consolidation between the $ 235 resistance and the $ 192 support will take place over the next few days before retesting the key resistance of $ 271. The exhaustion rally can cause a drop to $ 192, but a drop below $ 168 is less likely in the coming weeks.

However, the Relative Strength Index is forming an upward trend as seen in the chart. At the same time, there is still no divergence formed here, showing that the bullish sentiment is quite high at this time, sufficient to combat the possibility of plummeting prices.

Another indicator emphasizing the uptrend is the MA 200, which became the first positive support on January 31 since September last year.

“The volume of Ether is back - yesterday than 600 million dollars on BitMEX ”.

"Contract depending choose Ether reached a high level 6 month to enter yesterday".

A favorable trend for prices may also appear with activity in the derivatives market. BitMEX has reached more than 600 million volumes of ETH futures and Deritbit's ETH option contracts saw a 6-month high at the same time.


The price of Ethereum is adjustable, facilitating horizontal movement in the coming week. A retest of the resistance at $ 273 can appear in late March.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Thuy Trang

Bitcoin Magazine

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