ETHUSD held back by 150 MA (weekly). Breakout soon to upside?

ETHUSD has a couple of interesting moving averages on the weekly chart. The yellow 150 SMA us acting as resistance. The price keeps hitting it but can't break through it and close above it. Not yet anyway. I suspect when it does break through the 150 SMA (weekly) we may see a price surge in ETH. The red 21 week EMA showed us the breakout on April 1st and appears to be acting as support. So we have the support and resistance defined. We need to watch the 150 SMA to see if the price closes above it. Maybe put an alarm on the price breaking through the average so we don't forget about it. I don't think it will be long now. When BTC takes off, ETH won't be far behind. Once ETH breaks through the 150 MA, this average should act as support.

I kept it short and sweet. :)

Comment:

As long as ETH stays between these two moving averages, things will be fine. It will just churn away, building up more energy for the breakout. I think of it like hand cranking one of those electricity generating flashlights. The more your crank it the longer the light lasts. We are in our 12th week being sandwiched between these two moving averages.

It has tried to break out 6 times in the past 6 weeks and has failed all 6 times. It may take another month or it could break out tomorrow. We don't know so stay alert. When it does break out, I will use the yellow 150 SMA as my stop loss in case it closes below it.

As always, this is not investment advice. Please do your own due diligence when buy or selling cryptos.