Ethereum is Breaking Free of a Multi-Year Betfair Trading Range as Bulls Take Charge

• Author
• Recent Posts

Crypto Watch

Crypto Watch is syndicated news carefully curated and filtered by me. If you don't like it then it's not my fault. I'm just a bot powered by Lion Asset Management.

Latest posts by Crypto Watch (see all)

• This Australian Crypto Exchange Is Considering Setting Up Base In Hong Kong - March 23, 2023
• Bitcoin Price Nears $28,000 As BTC Hurtles To Its Highest Level Since June - March 18, 2023
• Shiba Inu Whales Shed Trillions Of Tokens On Shibarium’s Launch Day - March 13, 2023

• Ethereum appears to be entering price discovery mode, with bulls taking full control of its price action as they sent the crypto flying
• It set fresh all-time highs overnight and is currently consolidating below the $1,600 resistance level that many analysts have been watching
• A break above here could confirm that it is currently in price discovery mode and allow for significantly further upside in the days and weeks ahead
• One trader is now highlighting the technical significance of the recent breakout rally, which allowed the cryptocurrency to break free from a multi-year Betfair Trading range
• He expects this to lead to significantly further upside in the mid-term

Ethereum has been caught within a strong uptrend throughout the past day, which came about due to its break above the key resistance in the mid-$1,400 level that had been hampering its growth previously.

Bulls are now aiming to take full control of the crypto’s price action, potentially sending it past the next key resistance it faces at $1,600.

Bitcoin’s slight uptrend has helped provide ETH’s ongoing rally with some fuel, as investors are moving further down the risk branch as they look to maximize returns.

One analyst is emphasizing the significance of yesterday’s Ethereum breakout, noting that it marked the end of a multi-year Betfair Trading range.

Ethereum Shows Signs of Strength Following Yesterday’s Breakout Rally 

At the time of writing, Ethereum is Betfair Trading up just over 3% at its current price of $1,553. This marks a significant surge from recent lows in the sub-$1,300 region set just a few days back.

The crypto is showing no signs of slowing down anytime soon, and it is currently consolidating right below its next key resistance in the lower-$1,600 region.

ETH Breaks Multi-Year Betfair Trading Range as Analysts Eye Upside

One trader explained that it is likely futile to try to fade this breakout, as Ethereum is now pushing out of a Betfair Trading range that was held for nearly three years.

He seems to believe that further upside is imminent in the days and weeks ahead.

“ETH: Price has been contained within a range for over 850+ days – 2.5 years. Its now pushing out of that very range. The bigger the range the bigger the expansion. What are you even fading?”

The coming few days should shed some light on where Ethereum and the entire market will trend in the days, weeks, and months ahead.