• Ethereum price had a major breakout today following Bitcoin’s rally thanks to Elon Musk. 
  • The digital asset faces one last critical resistance level before a major breakout.
  • ETH is contained inside an ascending triangle pattern on the 12-hour chart.

Ethereum has been trading inside a tightening range after hitting a new all-time high at $1,475. The digital asset has formed a robust support trendline and faces only one crucial resistance point which will lead to a significant breakout.

Ethereum price needs to crack this crucial level to see $1,900

On the 12-hour chart, Ethereum has established an ascending triangle pattern with the resistance trendline formed at $1,430. A breakout above this point gives a target price of $1,900 in the long term. 

ETH/USD 12-hour chart

The In/Out of the Money Around Price (IOMAP) chart shows practically no resistance above $1,356 which means a bullish breakout is very likely. Just like we stated in our last few articles, the number of Ethereum inside exchanges has remained low.

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ETH IOMAP chart

Despite the massive price spike in the past 24 hours, no significant deposits have been made to exchanges and the percentage of ETH remains at 20.7%. 

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ETH coins inside exchanges

The ETH/BTC chart did flip in favor of Bitcoin for a while after the flagship cryptocurrency exploded 20%. However, it quickly went back up defending the 12-EMA on the daily chart. Ethereum remains in a healthy consolidation against Bitcoin, looking for the next leg up.

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ETH/USD weekly chart

The only potential bearish sign is the TD Sequential indicator on the weekly chart which is close to presenting a sell signal. The confirmation of this call could push Ethereum price down to the psychological level at $1,000 if bears can manage to crack the support area between $1,276 and $1,316 which should offer a lot of strength according to the IOMAP model.

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