The beautiful breakout in Ethereum seen in the last two weeks could ensure that ETH reaches the $660 level, which is a target derived by taking the base of the triangle pattern seen in the chart below. However, it is unlike that the price will reach this level without any hiccups, as the demand and therefore the price action of ETH is very different, and weaker compared to Bitcoin (BTC).
With this in mind, traders that missed out on the initial breakout in Ethereum will watch the June 13 high, and the breakout level of $401.8 as a test of this level is likely and could potentially act as an opportunity for traders to add to their long exposure. Around the $401.8 level, we also find the first Fibonacci level of the rally that started from the November 2 low of $278.83, which adds to my bullish bias. I will remain bullish as long as price trades above the November 2 low of $278.
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With this in mind, traders that missed out on the initial breakout in Ethereum will watch the June 13 high, and the breakout level of $401.8 as a test of this level is likely and could potentially act as an opportunity for traders to add to their long exposure. Around the $401.8 level, we also find the first Fibonacci level of the rally that started from the November 2 low of $278.83, which adds to my bullish bias. I will remain bullish as long as price trades above the November 2 low of $278.
Follow me here on Tradingview.com for more updates like this. Also, please note that this is my personal view and losses may exceed deposits.