ETHEREUM (ETH/USD) Made a Breakout From The Triangle!

Ethereum' has made a breakout from the Triangle. It has formed since September 12. and now - almost, two months period - we can say some bullish words about ETH'.

Multiple higher lows (HL) had printed on the chart and after the BTC' movement upwards Ethereum' made finally a decisional move upwards. Currently, it trades between the two important EMA's -100 & 200.

Ethereum' lived through a critical moment when it trades below the $200 and it had a possibility to make a new lower low (LL) but luckily the market got a bullish momentum and so as ETH'.
Firstly it breaks above the round number $200 and then yesterday it breaks above the triangle upper trendline which will indicate that we might see a continuation move upwards.

If the momentum is long-lasting then the triangle pattern shows us the target price and the major target (a little bit naive) would be around the round number at $300 but let's see which are the nearest resistances and the key levels before the major target.
First resistance is the latest lower high point at $225 and the 200 EMA which should act as a resistance. This has been historically a strong area and currently, it should act as a strong resistance. If we get a candle close above the mentioned level then we have a higher high market structure which will indicate that it may climb upwards, at least this is the first sign if we make a new higher high (HH) that we might see higher price levels. The higher resistances before $300:
- another strong area at $237
- $250 semi round number which should act as a resistance
- the strong area at $275

In the market, we have always two scenarios - bullish and bearish.
Surprisingly the first bearish confirmation comes from BTC' chart, if BTC' makes a breakout downwards below the $6,460 then the whole market could start to make a little bit bigger throwback. All Ethereum' throwbacks are healthy which stays above the round number and above the triangle trendlines. If we start to drop lower than $200 then it would be a strong sign that the momentum was short-lasting and it could make a new lower low. This leads Ethereum' into the critical area - into the lower low area at $190 - and from there the drop would be ugly, be careful!


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