Ethereum broke above the $1,155 resistance, and retested that level! Now that it held, ETH is on its way to reaching its all-time high once again!
Breakout? The second-most capitalized coin on the market started following Bitcoin closely by growing quickly in a short period of time. Ethereum is already up by more than 60% this year.
The coin was previously rejected by the $1,155 resistance on January 3rd. This is the last resistance in Ethereum’s path to the all-time high. Therefore, a breakout of this level is critical.
A daily candle has already opened and closed above this level, which is a very positive sign. The price has reversed and pushed upwards after retesting this level, thus confirming it as a support. Therefore ETH is on its way to the all-time high again. If Bitcoin continues its uptrend, it is likely that Ethereum will also reach its all-time high soon.
What To Do Now? If you are a support and resistance trader, and you are already in the trade, you may consider selling when ETH is approaching the all-time high, which will probably act as a strong resistance.
If you prefer to trade using technical indicators, then you can take this as a confirmation of an uptrend. Trend-following indicators such as moving averages, Parabolic SAR, and MESA are excellent indicators that you can use to catch the big moves in an uptrend.