Ethereum - Market Catch-up.

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Hello traders,

We have a similar situation to XRP on the BITFINEX:ETHUSD pair. The XRP analysis will be mentioned below, so take a look at it if you haven't already.
On the weekly time-frame, we have an ascending trend-line which seems to hold pretty well and it's never been broken since March 2019.
After a huge reversal from the $360, we came back to retest this trend-line and since then we've been moving in an Accumulation area marked with the pink box.

Things get interesting on the daily time-frame, after moving back and forth in between the trend-line and the 200 EMA , we have finally managed to break above, and currently sitting just below the daily resistance highlighted with blue that appears to be the first barrier on the daily.
Next move on this pair will depend by the these two levels, 200 EMA and the daily resistance, as of right now we should be inbound for a retest of the EMA , should this level hold up well we could see another attempt higher to breach the daily resistance.
A successful breach and closure above the resistance would take us all the way up to 270 level.
The long term target for ETH, if we manage to break above 270 would be the 340-360 level, the charts will be updated step by step all the way up to these targets so make sure to follow us on Trading-View and on our telegram channel for updates.
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