EthUsd- Etremely important breakAfter more than a month of consolidation in a tight range between 1400 and 1250, Ethereum managed yesterday to break out and accelerated its gains to 1500.
This break is very important technically for 3 reasons:
1. The break is to the upside suggesting accumulation
2. The break of horizontal resistance coincides with the break above the falling trend line from the recent high at 2k
3. This break confirms 1200 as a higher low and very strong support from now on.
In conclusion, bulls are favored and I expect continuation to the upside.
From now on, buy dips can be a good strategy and an ideal zone for this is between 1400 and 1430 with a stop loss under 1200.
Targets are as follows:
1. 1750 the high from the recent leg down and an old support
2. 2000 the recent high and psychological level
3. 2500 important technical and psychological resistance and also 100% rise from the recent low, equal with the initial leg of correction from under 1k.
