- 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.
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%.
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.
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.