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Ethereum Is Trying Break out of a Bullish Triangle

Long
BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Bitcoin broke out to new highs in December, and now Ethereum is trying to follow suit.

ETHUSD flirted with new highs above $1,420 as early as January 19 but wasn’t able to close there. It probed again several times without success before ripping to another new high today.

This time might be different because prices have formed a bullish ascending triangle . Monday’s low was near the end of that pattern, which could mean that the consolidation phase has ended and prices are continuing their uptrend.

Interestingly, the 21-day exponential moving average ( EMA ) has also come up to provide support in the last week. It also seems to be squeezing ETHUSD higher.

Next, prices may have the corked-up energy to expand because Bollinger Band Width has just narrowed to its tightest level since late December. If ETHUSD manages to hold its new highs, would-be buyers who sat on their hands under $1,500 may have no alternative but to pay up.

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