This is a closer view of the resistance lines Ethereum is currently challenging on a daily chart.
After the crypto crash in 2018, ETH has consolidated for around 2 years and is now making another move higher. It has broken over significant resistance from previous attempts to move higher at $290 and is challenging resistance at $320. The final previous high from June 2019 is at $363 (on the Kraken exchange anyway). Coinmarketcap has the June 2019 high at about $354. The exact value probably won't matter much if this breakout is real as the price will rise over previous highs quickly.
I'm extremely bullish on crypto. The stock market is overbought and overvalued and due to fall, but the crypto market has been in a bear market for over 2 years and is due for another bull move higher. Bitcoin and other crypto were born out of the 2008 financial crisis. As a play on alternative finance, cryptos like ETH can actually gain from the bearish economic situation that hurt stocks. So I see nothing but upside, even as the economic news deteriorates and overbought stocks drop.
I wouldn't be surprised to see the crazy momentum that has infected tech stocks move into crypto as the equity market rally starts to fail. And in the crypto space, ETH is my pick for the crypto that not only has potential but is also delivering that potential. If previous resistance breaks, odds are good for another run much, much, higher.
After the crypto crash in 2018, ETH has consolidated for around 2 years and is now making another move higher. It has broken over significant resistance from previous attempts to move higher at $290 and is challenging resistance at $320. The final previous high from June 2019 is at $363 (on the Kraken exchange anyway). Coinmarketcap has the June 2019 high at about $354. The exact value probably won't matter much if this breakout is real as the price will rise over previous highs quickly.
I'm extremely bullish on crypto. The stock market is overbought and overvalued and due to fall, but the crypto market has been in a bear market for over 2 years and is due for another bull move higher. Bitcoin and other crypto were born out of the 2008 financial crisis. As a play on alternative finance, cryptos like ETH can actually gain from the bearish economic situation that hurt stocks. So I see nothing but upside, even as the economic news deteriorates and overbought stocks drop.
I wouldn't be surprised to see the crazy momentum that has infected tech stocks move into crypto as the equity market rally starts to fail. And in the crypto space, ETH is my pick for the crypto that not only has potential but is also delivering that potential. If previous resistance breaks, odds are good for another run much, much, higher.
Comment:
Breaking over $320 the last hour or so.
Comment:
Blew past all resistance points on this chart.
