Conclusion for today’s Ethereum Analysis: Price breaking out above $167.10 can be used to initiate long (buy) position(s) provided momentum offers evidence.
Ethereum price analysis for today is presented on a logarithmic scale with the chart covering over 11 months of price action. Bearish trendline drawn on the chart is used to highlight the overall trend in price for the duration mentioned.
Important attention is drawn to ~$167.10 price level as it did offer support for price on September 11, 2018, but currently presents resistance, and hence retracement in price considering the bullish price swing from ~$81.96.
$167.10 and $134.33 is therefore considered in this analysis as the upper boundary and lower boundary respectively for resistance/overhead supply.
A conservative way to enter a long (buy) position(s) is on a breaking out above the upper boundary of resistance.
